Regulating firms so that they always receive a guaranteed profit rate will lead to greatest efficiency.
Answer the following statement true (T) or false (F)
False
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Refer to Figure 22-4. Suppose the per-worker production function in the figure above represents the production function for the U.S. economy
If the United States decided to cut its support of university research in half, this would cause a movement from A) B to D. B) B to E. C) B to C. D) B to A.
If the actual price level exceeds the expected price level reflected in long-term contracts,
a. many firms will find production more profitable than they had expected and will increase the quantity of output supplied. b. many firms will find production less profitable than they had expected and will decrease the quantity of output supplied. c. many firms will find production more profitable than they had expected and will decrease the quantity of output supplied. d. many firms will find production less profitable than they had expected and will increase the quantity of output supplied.
Which oligopoly model leads to price rigidity? Graphically show why.
What will be an ideal response?
The expression, "There's no such thing as a free lunch," implies that
A) no one has time for a good lunch anymore. B) opportunity costs are incurred when resources are used to produce goods and services. C) everyone has to pay for his own lunch. D) the person consuming a good must always pay for it.