The imposition of both tariffs and nontariff barriers leads to:
a. an increase in total surplus
b. increased domestic consumption.
c. increases in the prices of imported goods.
d. increased foreign production.
c
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If you received negative marginal utility from consuming the 4th slice of pizza, then your total utility from 4 slices of pizza must be less than your total utility from 3 slices of pizza
Indicate whether the statement is true or false
If marginal cost exceeds marginal revenue, a profit-maximizing monopolist will
a. restrict output to increase the price even higher. b. raise price and expand output to increase profit. c. lower price and expand output to increase profit. d. attempt to maintain this position because it is consistent with profit maximization.
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
The cost to a manager of doing a poor job running the firm is:
A. a decrease in his fixed salary. B. a decrease in the sales of the firm. C. an increase in the likelihood of being replaced. D. a decrease in the profit of the firm.