If the output of a firm is increased by one unit, the revenue addition is called
A. total revenue.
B. average revenue.
C. marginal revenue.
D. economic profit.
Answer: C
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The aggregate supply curve (short run) is upward-sloping because ________.
A. wages and other resource prices are flexible upward but inflexible downward B. the price level is flexible upward but inflexible downward C. wages and other resource prices match changes in the price level D. per-unit production costs rise as the economy moves toward and beyond its full-employment real output
Assuming all else equal, any change that causes a decrease in the credit supply at a given real interest rate will cause:
A) the credit supply curve to shift to the right. B) an upward movement along the credit supply curve. C) a downward movement along the credit supply curve. D) the credit supply curve to shift to the left.
Behavioral economists recommend mechanisms to help people actually do things they say they want to do but often don't. Such mechanisms are often called
A. savings rates. B. charitable donations. C. self-control. D. commitment devices.
Suppose the market for hot pretzels in New York City is perfectly competitive. What is true of demand in this market?
a. The demand curve facing each seller is perfectly elastic. b. The demand curve facing each seller is perfectly inelastic. c. The market demand curve is perfectly elastic. d. The market demand curve is perfectly inelastic. e. The market demand curve is elastic.