?Monopoly power can last only if there are legal barriers to entry for other firms.
Answer the following statement true (T) or false (F)
False
Rationale: ?Monopoly power can last only if there are legal barriers or technological barriers to entry for other firms
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The law of diminishing marginal utility states that as you consume more and more of a good, other things constant,
a. total utility eventually rises b. marginal utility can become positive c. marginal utility approaches, but never becomes, zero d. total utility can never become negative e. marginal utility eventually declines
If a perfectly competitive firm produces an output level at which price is greater than marginal cost, then the firm should:
A. leave its output decision unchanged because it is earning a profit. B. employ more fixed factors of production. C. expand output to earn greater profits or smaller losses. D. reduce output to earn greater profits or smaller losses.
Within the framework of the Keynesian Cross model, if an economy is operating at a real GDP less than full-employment real GDP:
A. a recessionary gap exists B. an inflationary gap exists C. aggregate expenditures will rise D. the general level of prices will rise
Which of the following is an example of a positive economic statement?
A. The unemployment rate last month was too high. B. The unemployment rate should be measured differently because it doesn't include students who can't find jobs. C. Because of the high unemployment rate last month the government should increase government spending. D. The unemployment rate last month was 5.4 percent.