The table above shows three production methods to produce 100 automobiles per day. Which of the three methods is technologically efficient?
A) Method A only
B) Method B only
C) Method C only
D) Method A, B and C are all technologically efficient.
D
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Discretionary monetary policy is monetary policy that is based on
A) the judgment of Congress about the current needs of the economy. B) the judgment of the monetary policymakers about the current needs of the economy. C) the ups and downs of the stock market. D) a rule that allows no discretion in how policymakers respond to the state of the economy. E) rules that depend upon the state of the economy.
In the short run, monopolistically competitive firms behave like ________________, but in the long run, the profit of a firm is similar to that of ________________.
A. monopolies; perfectly competitive firms B. perfectly competitive firms; monopolies C. monopolies; oligopolies D. oligopolies; perfectly competitive firms
Which of the following is the most accurate definition of a worker's marginal revenue product?
A. The change in the firm's profits as the result of hiring an additional worker. B. The change in the firm's total revenue as the result of hiring an additional worker. C. The change in the firm's output as the result of hiring an additional worker. D. The change in the firm's cost as the result of hiring an additional worker.
According to the graph shown, if the market is in equilibrium, total surplus is area(s):
A. D + E. B. A + B + C + D + E. C. A + B + C. D. A.