In the above figure, the monopolistically competitive firm's profit-maximizing output is
A) 1,000 units.
B) 300 units.
C) 900 units.
D) 700 units.
D
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Behavioral economics uses concepts and theories to explain the systematic patterns in how we behave that lead to consistently erroneous decisions. These patterns are called:
A. cognitive dissonance in the field of psychology. B. disruptive biases in the field of anthropology. C. receptive biases in the field of anthropology. D. cognitive biases in the field of psychology.
The Federal Reserve's response to the 2001 recession was to
A. raise the margin requirement and lower the reserve requirement. B. reduce the money supply by 7% in order to reduce overinflated stock prices. C. cut the federal funds rate over a three-year period. D. reduce the reserve requirement.
A policy of raising the minimum wage is beneficial to all low-skilled workers
Indicate whether the statement is true or false
If the desired amount demanded is greater than the desired amount supplied, then:
a. Business inventories could be rising or falling, depending on how they are valued. b. Business inventories are falling. c. Increases in residential construction are usually the reason, because they are measured at the end of each period. d. It is impossible for demand to be greater than supply, because supply limits demand. e. None are correct.