The long run outcome of the monopolistically competitive firm:
A. is not efficient.
B. does not maximize profits.
C. is the same as the short-run outcome.
D. maximizes total surplus.
A. is not efficient.
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Moving along the aggregate supply curve, when the price level rises,
A) the quantity supplied decreases. B) the quantity supplied increases. C) the aggregate demand curve shifts rightward. D) the aggregate demand curve shifts leftward. E) the quantity supplied does not change because the aggregate supply curve is a vertical line.
An increase in the price of oil will
A) shift the supply curve of oil to the left. B) shift the supply curve of oil to the right. C) leave the supply curve of oil unchanged. D) not enough information to answer the question.
If the production function exhibits diminishing marginal product, the total cost function gets steeper as the quantity of output increases
a. True b. False Indicate whether the statement is true or false
Which statement is false?
A. Winner-take-all markets are spreading. B. The U.S. has the highest hourly wage and fringe benefits of all the industrial nations. C. Real hourly wages in the U.S. were lower in 1994 than they were in 1986. D. None of these statements are false.