Oligopolistic firms that practice sales revenue maximization will produce
a. more and charge less than a profit maximizer.
b. less and charge more than a profit maximizer.
c. more and charge more than a profit maximizer.
d. less and charge less than a profit maximizer.
a
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In Figure 3-2, a point such as A
A. is preferable over B. B. is an efficient use of resources. C. represents a misallocation of resources. D. is not obtainable.
If the price of one good increases by 3 percent and the quantity demanded of another good increases by 2 percent, the cross elasticity is ________ and the two goods are ________
A) 2/3, substitutes B) 2/3, complements C) 3/2, complements D) 3/2, substitutes
Which of the following fixed exchange rate regimes has very little monetary policy autonomy?
A) dirty float B) open peg C) open nonpeg D) closed
A perfectly competitive industry achieves allocative efficiency when
A) goods and services are produced at the lowest possible cost. B) goods and services are produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it. C) it produces where market price equals marginal production cost. D) firms carry production surpluses.