Figure 11.1If Figure 11.1 depicts the current situation for a monopolistically competitive firm, then in the long run we expect:
A. the firm's demand curve to shift to the left.
B. the firm's demand curve to shift to the right.
C. the price of the good to increase.
D. the quantity of the good sold by the firm to increase.
Answer: A
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Refer to Figure 18-1. Area B + C + F + G represents
A) the portion of sales tax revenue borne by consumers. B) the portion of sales tax revenue borne by producers. C) the excess burden of the sales tax. D) sales tax revenue collected by the government.
A perfectly competitive firm is a price taker. Therefore, it faces a
a. perfectly elastic supply curve for its output b. perfectly elastic demand curve for its output c. perfectly inelastic supply curve for its output d. perfectly inelastic demand curve for its output e. unit-elastic demand curve for its output
The CARD Act, which tells credit card holders how long it will take to pay off their debt if they only make minimum payments, and how much they need to pay in order to pay off the debt in three years, is an example of:
A. disclosing information in more usable ways. B. choice architecture that nudges people toward better decisions. C. how the presentation of information can affect people's choices. D. All of these statements are true.
Which type of unemployment contributes to the natural rate of unemployment?
A. Real-wage unemployment B. Cyclical unemployment C. Unemployment of government workers. D. All of these contribute to the natural rate.