Which of the following is true for perfect competition, monopolistic competition, and monopoly?
a. The product of all firms is homogeneous.
b. Firms will earn zero economic profits in the long run.
c. Short-run profits are maximized when marginal cost equals marginal revenue.
d. All of these.
c
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In the United States, the rich pay a disproportionate share of the cost of government
Indicate whether the statement is true or false
An example of non discretionary policy making is
A) a rule under which the Fed targets the inflation rate. B) expansionary fiscal policy. C) changes in the interest rate initiated by the Fed. D) a Congressional tax-rate cut aimed at boosting real GDP.
Briefly explain how differences in human capital may be the result of discrimination. Give an example.
What will be an ideal response?
Suppose that one worker can produce 15 cookies, two workers can produce 35 cookies together, and three workers can produce 60 cookies together. What is the average product of the first three workers?
A) 25 cookies B) 30 cookies C) 17.5 cookies D) 20 cookies