The marginal revenue curve for a perfectly competitive firm is
A) an upward sloping curve.
B) a downward sloping curve.
C) a horizontal line.
D) None of the above answers is correct.
C
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When Americans decrease their demand for Japanese goods
A) the supply of dollars will fall, and the demand for yen will fall. B) the supply of dollars will rise, and the demand for yen will rise. C) the demand for dollars will rise, and the demand for yen will rise. D) the demand for dollars will fall, and the demand for yen will rise.
In the ISLM framework, an expansionary monetary policy causes aggregate output to ________ and the interest rate to ________, everything else held constant
A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase
Supporters of Federal Reserve independence contend that independence from the rest of the federal government leads to lower
A) inflation rates. B) interest rates. C) reserve requirements. D) rates of unemployment.
When Scuba, Inc, lowered the price of a tank of compressed air by 20 percent, it sold 10 percent more tankfuls. The price elasticity for compressed air is
a. 2. b. 1/2. c. 1. d. 20.