Keynes argued that I. Capitalism did not always lead to full employment. II. Nominal prices were more important than relative prices
A) I only
B) II only
C) Both I and II
D) Neither I nor II
A
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The change in total cost of production that results from a change in the amount of a resource used is
a. average resource cost b. marginal resource cost c. marginal product d. marginal revenue product e. average revenue product
Identify the market structure characterized by many small firms selling somewhat different products.
A. Monopoly B. Monopolistic competition C. Perfect competition D. Duopoly
Jimmy’s java shop operates in a monopolistically competitive market. Jimmy’s current output is where average costs are minimized. If this is the case, we would expect Jimmy to
A. increase output and lower price. B. decrease output and Jimmy’s average costs would increase. C. continue production at the current level as Jimmy’s is operating at his best outcome. D. increase output and Jimmy’s average costs would decrease.
The diagram concerns supply adjustments to an increase in demand (D1 to D2) in the immediate period, the short run, and the long run. Supply curves S1, S2, and S3 apply to the
Use the figure below to answer the following question.
A. short run, long run, and immediate period respectively.
B. long run, short run, and immediate period respectively.
C. immediate period, long run, and short run respectively.
D. immediate period, short run, and long run respectively.