The chairperson of the Federal Reserve's Board of Governors is:
A. elected by the public.
B. selected by commercial banks.
C. appointed by the Board of Governors.
D. appointed by the president.
Answer: D
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Which statement below is true for a price taker?
A) Marginal revenue can only be positive. B) Marginal revenue can only be negative. C) Marginal revenue can only zero. D) Marginal revenue can be positive, negative, or zero.
Total fixed cost is the sum of all
A) costs of the firm's fixed factors of production. B) costs associated with the production of goods. C) costs that rise as output increases. D) the marginal costs of the different factors of production.
Which of the following is a characteristic of perfect competition?
a. substantial barriers to entry b. differentiated products c. few sellers d. none of the above
A decrease in demand is represented by a
a. movement downward and to the right along a demand curve. b. movement upward and to the left along a demand curve. c. rightward shift of a demand curve. d. leftward shift of a demand curve.