For a firm with market? power, the price effect is the? ________.
Answer: Decrease in revenue arising from the reduction in price necessary to sell another unit of output
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The official name of the Social Security program is _____
a. Old Age, Survivors, Disability, and Health Insurance b. Old Age, Dependents, Survivors, and Disability Insurance c. Old Age, Dependents, Disability, and Health Insurance d. Seniors, Survivors, Dependents, and Health Insurance
As long as TVC < TR, a firm will have a positive level of output in the short run
a. True b. False Indicate whether the statement is true or false
Some people oppose deficit spending because it:
A. crowds out private investment. B. violates the cost-benefit principle. C. leads to rent seeking. D. promotes logrolling.
Assuming that bus travel is an inferior good, an increase in consumer income, other things being equal, will cause a(n):
A. upward movement along the demand curve for bus travel. B. downward movement along the demand curve for bus travel. C. rightward shift in the demand curve for bus travel. D. leftward shift in the demand curve for bus travel.