A duopoly is:
A. an agreement, explicit or implied, between two firms.
B. two firms agreeing to act like a joint monopolist.
C. an oligopoly with two firms.
D. a strategy that benefits both firms.
Answer: C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Assume that, for a particular demand curve, when price rises from $50 to $60, total revenue falls from $8,750 to $7800
a. Based on this information, what is the quantity demanded at each price. b. Without calculating the coefficient of elasticity, is demand over this range elastic or inelastic? How do you know?
The information lag facing the Fed is
A) the difficulty of becoming informed quickly of changes in public opinion about which policy goal is most important. B) the delay in receiving accurate information about the state of the economy. C) the delay in Congress and the President communicating their policy goals for the Fed to act on. D) the time required for monetary policy changes to affect output, employment, and prices.
If Congress decides to reduce the tax per pack paid by sellers of cigarettes, other things being equal, the price of cigarettes will fall. This fall in prices can be attributed a(n):
a. upward movement along the supply curve for cigarettes. b. rightward shift of the supply curve for cigarettes. c. downward movement along the demand curve for cigarettes. d. leftward shift of the supply curve for cigarettes.