Curve (1) in the diagram is a purely competitive firm's:
A. total cost curve.
B. total revenue curve.
C. marginal revenue curve.
D. total economic profit curve.
D. total economic profit curve.
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What are sources that can start a demand-pull inflation?
What will be an ideal response?
The aggregate demand curve is all of the equilibrium combinations of
A) the IS curve and the MP curve. B) the output gap and the price level. C) the price level and the real interest rate. D) the real interest rate and the output gap.
If a firm located outside of China violates China's Anti-monopoly Law, China ________ prosecute the firm ________.
A) cannot; if the firm's behavior affects the markets within China B) can; if the firm's behavior affects the markets within China C) can; regardless of whether or not the firm's behavior affects the markets within China D) cannot; regardless of whether or not the firm's behavior affects the markets within China
If an individual has a constant MRS of shoes for sneakers of 3/4 (that is, he or she is always willing to give up 3 pairs of sneakers to get 4 pairs of shoes) then, if sneakers and shoes are equally costly, he or she will
a. buy only sneakers. b. buy only shoes. c. spend his or her income equally on sneakers and shoes. d. wear sneakers only 3/4 of the time.