The perfectly competitive firm's short-run supply curve is the same as the
a. supply curve of all other firms in the industry
b. upward-sloping portion of its marginal cost curve
c. upward-sloping portion of its marginal cost curve at or above minimum average variable cost
d. upward-sloping portion of its average variable cost curve
e. market demand curve
C
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Redistribution can be thought of as insurance because _____
a. those with low incomes often do not think of purchasing insurance b. those with low incomes cannot afford insurance c. individuals want to protect themselves from the small probability that they might become impoverished d. a and b
Sellers respond to a shortage by cutting their prices
a. True b. False Indicate whether the statement is true or false
Assume an economy that is producing only one product. Output and price data for a three-year period are as follows. Answer the question on the basis of these data. year units of output price per unit 1 20 4 2 25 4 3 30 6 Refer to the above data. If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are:
a) $180 and $30. b) $30 and $5. c) $180 and $120. d) $120 and $100.
A slight increase in the marginal cost of a firm definitely leads to a reduction in its output if the firm competes in the:
A. Cournot fashion. B. Cournot fashion and Bertrand fashion. C. Bertrand fashion. D. Sweezy fashion.