A price taker is a buyer or seller who:
A. has complete control over setting the market price.
B. can influence the market price.
C. has no control over setting the market price.
D. has the goal of maximizing market share, not profits.
C. has no control over setting the market price.
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The __________ is a regulator of intermediated markets?
A) SEC B) Commodities Futures Trading Commission C) NYSE D) FDIC
The steeper an isoquant is
A) the greater is the marginal product of labor relative to that of the marginal product of capital. B) the greater is the substitutability between capital and labor. C) the greater is the need to keep capital and labor in fixed proportions. D) the greater is the level of output.
Marginal cost is equal to average total cost when
a. average variable cost is falling. b. average fixed cost is rising. c. marginal cost is at its minimum. d. average total cost is at its minimum.
Which of the following situations can make the Fed’s monetary policy less effective?
a. Both political parties support the fiscal policy and monetary policy. b. The fiscal policy requires less money to implement than the monetary policy. c. The fiscal policy has more popular support than the monetary policy. d. The fiscal policy and monetary policy have different goals.