In which industry(ies) are firms price takers?
a. oligopolies
b. monopolies
c. perfect competition
d. oligopolies and monopolies
e. monopolistic competition
C
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The natural rate of unemployment is
A) the unemployment rate when cyclical unemployment is the only type of unemployment. B) the unemployment rate when there is no frictional unemployment. C) the rate of unemployment associated with long-run equilibrium. D) zero.
Suppose a perfectly competitive cotton farmer can produce 10 containers of cotton at an output at which marginal cost equals marginal revenue. The price per container of cotton is $100 and the average total cost is $75
What is the profit or loss that this cotton farmer is earning? A) $750 B) $150 C) $250 D) -$25
Figure 10-3
In Figure 10-3, the profit maximizing firm will operate at a level of
a.
OJ.
b.
OG.
c.
OI.
d.
OH.
In reality, the Fed's information is fairly imprecise in regards to:
A. inflation rates. B. potential GDP. C. actual real GDP. D. unemployment.