Which formula is correct?
A. Yd + S = C
B. Yd × S = C
C. Yd = S + C
D. Yd + C = S
Answer: C
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In monopolistic competition, each firm's marginal revenue curve has a ________ and its demand curve has a ________
A) slope equal to zero; slope equal to zero B) slope equal to zero; negative slope C) negative slope; a slope equal to zero D) negative slope; negative slope
The Federal Reserve System is:
A. the central bank of the United States. B. a group of 12 commercial banks. C. the branch of the U.S. Treasury that keeps the U.S. gold reserves. D. a firm that accepts deposits from the nonbank public and lends them to borrowers.
A major problem with using the egalitarian principle to distribute income is that
A) it would eliminate the incentives that rewards provide in an economic system. B) it is difficult to know when an equal distribution of income has been achieved. C) it would not be fair to the wealthy. D) there exist no mechanisms to carry out such a scheme.
Refer to the diagram for a natural monopolist. If a regulatory commission were to set a maximum price of P 3 , the monopolist would:
A. maximize profits.
B. increase output beyond the profit-maximizing level.
C. reduce output below the profit-maximizing level.
D. be unable to make a normal profit.