Which of the following will shift the short-run industry supply curve of a perfectly competitive industry?
A. an increase in consumer income
B. an increase in demand for the product
C. an increase in the price of the product
D. a decrease in the price of an input
Answer: D
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For a single-price monopolist that is maximizing profit, the price is
A) less than marginal revenue. B) equal to marginal revenue. C) equal to marginal cost. D) greater than marginal cost.
The product approach to calculating GDP
A) adds together the market values of final goods and services produced by domestic and foreign-owned factors of production within the nation in some time period. B) includes the market value of goods and services produced by households for their own consumption but excludes the value of the underground economy. C) is superior to the income approach because, unlike the income approach, it gives us the real value of output. D) adds together the market values of final goods, intermediate goods, and goods added to inventories.
Using a toll to reduce traffic when congestion is greatest is an example of a
a. regulation solution. b. command-and-control policy. c. corrective tax. d. Coase theorem solution.
If the expansionary monetary policy reduces real interest rates in the U.S., which of the following is most likely to occur?
What will be an ideal response?