Fishermen on the East Coast are using lobster traps out of which most of the lobsters that enter can escape. Why?
A) It will make over-fishing less likely.
B) They can't come up with better traps.
C) They are not educated enough to maximize profit.
D) They catch more lobsters this way.
A
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According to the Keynesian view of macroeconomics, what should be the role of the government as far as economic policy?
Select one: a. The government should keep the growth rate of the money supply stable. b. The government should maintain a fixed interest rate. c. The government should try to raise the AS curve. d. The government should try to stabilize the AD curve.
In a monopolistically competitive market, the number of firms adjusts until economic profits are driven to zero
a. True b. False Indicate whether the statement is true or false
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Jen to produce one radio?
A. 1/10 TV B. 10 TVs C. 1/5 TV D. 5 TVs
In long-run equilibrium, a monopolistically competitive firm will produce where P > MR = MC > minimum ATC.
Answer the following statement true (T) or false (F)