Assume Congress decides that oil companies are making too much profit and decides to tax oil companies for each gallon of gasoline produced. This would
A) shift the marginal cost curve up.
B) shift the marginal cost curve down.
C) shift the average fixed cost curve up.
D) shift the average fixed cost curve down.
A
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Monopoly has two key features, which are ________
A) barriers to entry and no close substitutes B) franchises and barriers to entry C) barriers to entry and close substitutes D) close substitutes and no barriers to entry
Refer to Table 26-5. Suppose the table above illustrates the values of real and potential GDP and the price level if the Fed does not vote to change their current policy to be more contractionary or expansionary
Suppose that the Fed uses an appropriate policy and is successful in keeping real GDP at potential in 2017. State whether each of the following will be higher or lower than if the Fed had taken no action: a. Real GDP b. Potential real GDP c. The price level d. The unemployment rate
An increase in labor productivity necessarily means an increase in real GDP per capita if: a. real GDP increases
b. the employment growth rate is greater than the population growth rate. c. the employment growth rate is less than the population growth rate. d. the size of the labor force remains constant. e. real GDP increases more rapidly than nominal GDP.
The prisoners' dilemma shows that if one party must pick first and the other party knows their choice, the outcome of a game can be different.
Answer the following statement true (T) or false (F)