In long-run equilibrium, all firms in a pure competition market situation operating under a condition of certainty will have identical costs even though they may use different production and operation techniques
a. true b. false
a
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Rate of return regulation will
a. always result in the firm producing the quantity that would be produced if the market were competitive. b. always result in the firm producing less than the quantity that would be produced if the market were competitive. c. always result in the firm producing more than the quantity that would be produced in a competitive industry. d. result in a new equilibrium with either more or loss produced in comparison to a competitive market.
If the United States' price level is below the world price level, all of the following would be successful in raising the world price (supply) level except:
A. wages in the United States falling. B. the value of U.S. assets falling. C. the dollar appreciating. D. the United States gaining a comparative advantage.
Which of the following policies is NOT in the Fed's monetary toolbox?
a. Buying government bonds b. Increasing the quantity of reserves c. Lending reserves to banks d. Issuing a bank run
Consider the production possibilities frontier displayed in the figure shown. If this society chooses to produce 200 bushels of apples it can produce no more than:
A. 15 watermelons. B. 10 watermelons. C. 20 watermelons. D. 5 watermelons.