Marginal revenue can become negative for
a. both competitive and monopoly firms.
b. competitive firms but not for monopoly firms.
c. monopoly firms but not for competitive firms.
d. neither competitive nor monopoly firms.
c
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If a significant portion of firms in the economy does not adjust product prices, a predicted result according to new Keynesian theory is
A) real inflation cycles. B) inflation dynamics. C) real business cycles. D) output dynamics.
Profits can be thought of as
a. the return to enterprise. b. the reward for taking a risk and winning. c. what is left over after all wages, rent, and interest have been paid. d. All of these.
Brian is the sole proprietor owner of Long Voyage Software, which generates maps for wilderness trips. He started the business with an initial investment of $80,000 . A faulty map caused one customer to get hopelessly lost. After her rescue and recuperation, she sued Long Voyage for $5,000,000 . Which of the following is true?
a. The customer can be awarded only $80,000--what the firm has available to pay. b. The customer can be awarded $5,000,000 but can get only $80,000. c. The customer can be awarded $5,000,000 . but Brian personally won't have to pay more than $80,000. d. If $5,000,000 is awarded, Brian will have to pay none of it. e. If $5,000,000 is awarded, Brian is personally responsible for paying all of it.
The agency most responsible for Japan's industrial policy:
a. MITI b. The central bank c. The finance ministry d. The prime minister e. The emperor