For a firm in a perfectly competitive industry, the demand curve for its own product is
A) horizontal.
B) vertical.
C) upward sloping.
D) downward sloping.
A
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Which of the following would cause a fall in the price of video tape rentals?
a. A new nationwide video rental chain opens. b. Movie theaters raise their prices. c. The royalties paid to movie actors increase. d. The price of video cassette recorders (VCRs) falls.
If the Taylor Principle is not followed and nominal interest rates are increased by less than the increase in the inflation rate, then real interest rates will ________ and monetary policy will be too ________
A) rise; tight B) rise; loose C) fall; tight D) fall; loose
Which of the following is not a nontaxable fringe benefit?
a. business travel to far away conferences b. insurance plans c. stock options d. company automobiles
At the point where marginal cost equals average variable cost,
a. b and c. b. marginal cost is rising. c. average total cost is at its minimum. d. average variable cost is falling. e. there is no total cost.