Which of the following is an example of a public good?
A. Social Security payments.
B. Flood control.
C. Carpooling with your friends.
D. None of the choices are correct.
Answer: B
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An increase in the expected rate of inflation would
A) shift the short-run Phillips curve upward. B) shift the short-run Phillips curve downward. C) shift the long-run Phillips curve to the right. D) shift the long-run Phillips curve to the left.
A natural monopoly exists when one large firm can produce a product at a lower per unit cost than can smaller firms
a. True b. False Indicate whether the statement is true or false
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
Consider an unregulated monopoly in Figure 8.13. If we look at the firm's long-run average cost, the firm is exhibiting:
A. diseconomies of scale. B. diminishing returns. C. economies of scale. D. increasing returns.