When the unemployment rate is less than the natural unemployment rate
A) the output gap is positive.
B) the output gap equals zero.
C) the output gap is negative.
D) None of the above is possible because it is impossible for the unemployment rate to be less than the natural rate.
A
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A curve that shows the cost to the firm of hiring an additional unit of a resource is known as a
a. marginal product curve b. marginal revenue product curve c. total revenue product curve d. marginal revenue curve e. marginal resource cost curve
Which of the following is true of the marginal revenue for a monopolist?
a. As a monopoly increases production, marginal revenue decreases b. As a monopoly increases production, marginal revenue increases. c. As a monopoly increases production, marginal revenue remains constant. d. As a monopoly increases production, marginal revenue first increases and then remains constant.
Which of the following statements is correct? Monopolies are socially inefficient because they (i) charge a price above marginal cost. (ii) produce too little output. (iii) earn profits at the expense of consumers. (iv) maximize the market's total surplus
a. (iii) only b. (iii) and (iv) only c. (i) and (ii) only d. (i), (ii), (iii), and (iv)
How did the Clayton Act of 1914 differ from the Sherman Antitrust Act of 1890?