Economists use the word utility to describe the satisfaction one receives from a good
Indicate whether the statement is true or false
True
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Under perfect competition, the demand curve facing a firm and the firm's marginal revenue curve are
a. vertical at the firm's chosen output level b. both vertical, but the demand curve is further to the right than the marginal revenue curve c. both vertical, but the marginal revenue curve is further to the right than the demand curve d. both horizontal at the level of the market price e. both horizontal, but the demand curve is above the marginal revenue curve
The aggregate supply curve normally
a. slopes downward and to the right due to higher resource prices. b. has a horizontal slope equal to zero. c. is very steep in the lower portion and flatter in the upper portion. d. slopes upward to the right due to short-run fixed costs of production.
The aggregate supply curve is
a. a schedule showing the relationship between the price level and the quantity of real GDP supplied. b. usually upward sloping. c. relatively flat at low levels of resource utilization. d. All of the above are correct.
In this graph for the marginal costs and benefits of pollution controls, implementation of excessively strict pollution controls would be represented by ______.
a. Q1
b. Q2
c. Q*
d. both Q1 and Q2