Which of the following firms is most likely to be a perfectly competitive firm?
a. one of the three largest U.S. automakers
b. one of the "Seven Sisters" oil producers
c. a public school operated by the government
d. a soybean farmer
e. a manufacturer of refrigerators
D
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In natural monopoly, AC continuously declines due to economies in distribution or in production, which tends to found in industries which face increasing returns to scale. If price were set equal to marginal cost, then:
a. price would equal average cost. b. price would exceed average cost. c. price would be below average cost. d. price would be at the profit maximizing level for natural monopoly e. all of the above
If the exchange rate changes from 75 cents per euro to $1 per euro, the euro
a. appreciated, since its value has increased b. appreciated, since the price of U.S. dollars has increased c. appreciated, making U.S. goods more expensive in Euros d. depreciated, since its value has declined e. depreciated, since its value has increased
When the demand curve is vertical and the supply curve is upward sloping,:
a. a rise in the input price that increases marginal cost by $1, decreases the firm's profit by $1. b. a drop in the input price that lowers the marginal cost by $1, doubles the firm's profit. c. a drop in the input price that lowers the marginal cost by $1, decreases the output price by $1. d. a rise in the input price that increases the marginal cost by $1, doubles the output price.
Members of the Federal Reserve Board of Governors are appointed to 14-year terms to provide a level of isolation from political influence.
a. true b. false