________ is the process of putting ideas or thoughts into symbolic form
a. Sourcing
b. Encoding
c. Decoding
d. Sending
B
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In the "cost of capital channel" of monetary policy, a higher interest rate __________ spending
A) raises consumption B) raises investment C) lowers consumption D) lowers investment
As the period for firms to expand output is lengthened, the elasticity of the market supply curve will
a. approach zero. b. increase. c. decrease. d. remain the same since time does not affect the elasticity of market supply.
In the long run, firms in a perfectly competitive market choose to produce a quantity:
A. that does not cover minimum average variable costs. B. where marginal costs are less than average variable costs. C. that earns zero economic profits. D. where ATC and AVC are at their minimum values.
Suppose a firm has a monopoly on the sale of widgets and faces a downward-sloping demand curve. When selling the 100th widget, the firm will always receive
a. less marginal revenue on the 100th widget than it received on the 99th widget. b. more average revenue on the 100th widget than it received on the 99th widget. c. more total revenue on the 100 widgets than it received on the first 99 widgets. d. a lower average cost per unit at 100 units of output than at 99 units of output.