Which of the following is NOT true for a perfectly competitive firm in the long run?
A) MR = MC
B) MC > LAC
C) Price = MC
D) SAC = LAC
Answer: B
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An isoquant represents levels of capital and labor that
A) have constant marginal productivity. B) yield the same level of output. C) incur the same total cost. D) All of the above.
Suppose when the price of pineapples goes from $5 to $3 per pineapple, production decreases from 3,500 pineapples to 2,000 pineapples per year. Using the mid-point method, the percentage change in price would be:
A. 0.50 B. 50 percent C. 0.54 D. 54 percent
If the Bank of Canada conducts open-market sales, how do the money supply and the aggregate demand change?
a. The money supply increases, and aggregate demand shifts right. b. The money supply increases, and aggregate demand shifts left. c. The money supply decreases, and aggregate demand shifts right. d. The money supply decreases, and aggregate demand shifts left.
Which of the following is not a component of the demand for loanable funds?
A. Household purchases of housing and durable consumer goods. B. Business purchases of capital goods. C. Government financing of the public debt. D. Household saving.