The rising part of a perfectly competitive firm's marginal cost curve that is equal to or above points on its average variable cost curve is the firm's
A. short run supply curve.
B. normal profit curve.
C. long run supply curve.
D. economic profit curve.
Answer: A
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A decrease in the number of dry cleaners in an area is represented by a(n):
a. downward movement along the dry cleaning supply curve. b. upward movement along the dry cleaning supply curve. c. leftward shift in the dry cleaning supply curve. d. rightward shift in the dry cleaning supply curve. e. vertical dry cleaning supply curve.
Which of the following would move the economy up and to the left along a short run Phillips Curve? a. Increases in the discount rate and increases in the interest rate the Fed pays on bank reserves
b. Increases in taxes by the federal government combined with reductions in government purchases of goods and services. c. Decreases in the fed funds interest rate target adopted by the Fed. d. An increase in the expected rate of inflation.
Which of the following is always a characteristic of the oligopoly market structure?
a. Easy, low-cost entry and exit. b. Few sellers. c. All sellers produce identical products. d. Many sellers, each small in size relative to the overall market.
Pure public goods involve positive externalities.
A. True B. False C. Uncertain