When deciding what price to charge customers, a firm may choose to charge different prices based on customers'
a. Age
b. Willingness to pay
c. Location
d. All of the above
d
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Let C = 800 + 0.6y and I = 100. Assume no government or foreign sectors. If investment decreases by 40, the equilibrium output decreases by a total of
A) 800. B) 480. C) 100. D) 25.
Under long-run perfect competition, which of the following are the same (equal) at all levels of output?
a. Price and marginal cost. b. Price and marginal revenue. c. Marginal cost and marginal revenue. d. All of these.
Which of the following will be a short run impact of a pre-election expansionary fiscal policy, public expectations remaining constant?
a. An increase in unemployment b. A decline in real GDP c. An increase in real GDP d. A fall in the rate of inflation e. An economic recession
Figure 7-1
In Figure 7-1, which graph best represents total physical product with diminishing returns?
a.
1
b.
2
c.
3
d.
4