Persistent U.S. deflation between 1879 and the mid-1890s was primarily due to the fact that the ___________ was growing faster than the _________
a. supply of money; demand for money
b. demand for money; supply of money
c. demand for money; demand for goods
d. demand for goods; supply of money
b. demand for money; supply of money
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A profit maximizing firm in any type of market for its output would hire the quantity of labor at which
a. the marginal cost of output is equal to the marginal revenue product of labor, where MRP is sloping downward. b. the wage rate is equal to marginal revenue product, where MRP is downward sloping. c. the wage rate is equal to marginal revenue product, where MRP is still sloping upward. d. the difference between the wage rate and marginal revenue product is greatest.
In a free market there are significant restrictions on how a good or service can be produced or sold
Indicate whether the statement is true or false
Price discrimination is the practice of
A) charging different prices for the same good when the price differences arise because of differences in cost. B) charging different prices for the same good when the price differences are not due to differences in cost. C) charging higher prices for brand-named goods and lower prices for generic versions of the goods. D) charging different prices for different qualities of a product.
Suppose the production of a good results in negative externalities. If all costs are taken into account, then
A. output will occur at the socially optimal level. B. the price of the product will be higher than if all costs are not taken into account. C. more output will be produced than if all costs are not taken into account. D. a and b E. a, b, and c