The largest component of GDP is:
a. personal consumption expenditures.
b. government spending.
c. durable goods.
d. net exports.
e. gross private domestic investment.
a
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The firm shown in the figure above is
A) a natural monopoly because its LRAC curve slopes downward where it intersects the demand curve. B) not a natural monopoly because its LRAC curve slopes downward where it intersects the demand curve. C) not a natural monopoly because its MC curve is horizontal. D) not a natural monopoly because its MC curve is below its LRAC curve.
Economic agents (for example, consumers or firms) often do things that at first glance seem to be inconsistent with their self-interest
People tip at restaurants and when they are on vacation even if they have no intention to return to the same place. Firms, sometimes, install costly pollution abatement equipment voluntarily. How can these deviations from Nash predictions be explained?
At a given output level, a monopolist earns a profit only if the
A. slope of its TR curve exceeds the slope of his or her TC curve. B. height of its MR curve exceeds the height of his or her MC curve. C. height of its demand curve exceeds the height of his or her MR curve. D. height of its demand curve exceeds the height of his or her ATC curve.
Which theory explains the fact that some firms may choose to pay their employees more then they would earn as determined by equilibrium in the labor market?
a. the theory of efficiency wages b. the marginal-productivity theory c. human-capital theory d. signaling theory