Economist John Kenneth Galbraith has argued that most prices in the United States' mixed economy are set by
A. a government planning committee.
B. the invisible hand.
C. the nation's largest corporations.
D. consumers voting with their dollars.
C. the nation's largest corporations.
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Transfer payments are money received as grants from government.
Answer the following statement true (T) or false (F)
After Hurricane Katrina devastated parts of Mississippi and New Orleans in 2005, we can be sure that the production possibilities frontier for that area temporarily
A) shifted inward, toward the origin. B) shifted outward, away from the origin. C) became flatter. D) became steeper.
Whenever a firm can charge a price greater than marginal cost
A) the firm must be a monopolist. B) consumers have the ability to choose a close substitute. C) there is some loss of economic efficiency. D) the firm will earn economic profits.
The price-taker firm should discontinue production immediately if:
a. the market price exceeds the firm's average total costs. b. the market price is less than the firm's average variable costs. c. the market price is less than the firm's average total costs, but greater than its average variable cost. d. its accounting statement indicates that it is suffering losses.