In a graph of short run cost curves, which starts rising first?
A. The average variable cost curve
B. The marginal cost curve
C. The average fixed cost curve
D. The average total cost curve
Answer: B
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If the economy has an MPC of 0.8, by how much will a $50 billion increase in government purchases increase GDP? By how much will a $50 billion increase in taxes decrease GDP?
What will be an ideal response?
One difference between perfectly competitive markets and single-price monopoly markets is that
A) marginal revenue equals marginal cost for perfectly competitive firms, but not for monopolists. B) marginal revenue equals price for perfectly competitive firms, but not for single-price monopolists. C) marginal cost equals average variable cost for perfectly competitive firms but not for monopolists. D) All the above answers are correct.
What does the Law of Supply state? What is the key feature of a typical supply curve?
What will be an ideal response?
For a monopoly, where demand is ________ , marginal revenue is ________ , and total revenue ________ as the price falls
a. inelastic; positive; increases b. inelastic; negative; decreases c. elastic; positive; increases d. elastic; negative; increases