Jane is a top-level executive and is very rich. Jane just ordered a car only to be told that she will have to wait three weeks for it to be delivered. Which of the following statements is true?
A) The car is not a scarce good.
B) The car is a scarce good.
C) Because Jane has unlimited funds, she incurs no opportunity cost in buying the car.
D) Jane paid too much for a car that wasn't ready on time
Answer: B) The car is a scarce good.
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
The Sherman Act prohibits:
a. contracts in restraint of commerce b. monopolization of an industry c. price discrimination d. a and b e. a, b, and c
Over long periods of time, the CPI and PPI generally reflect the ______ rates of inflation
Fill in the blank(s) with the appropriate word(s).
A monopolistically competitive firm is producing an output level where marginal revenue is greater than marginal cost. What should this firm do to increase its profit or reduce its losses?
A) The firm should raise its price. B) The firm should decrease its fixed costs. C) The firm should increase its implicit costs. D) The firm should lower its price.