The profit maximizing combination of resources
A. is also the cost minimizing combination of resources.
B. usually involves hiring more of some resources and less of other resources than the cost minimizing combination of resources.
C. usually involves less of each input hired than the cost minimizing combination of resources.
D. usually involves more of each input hired than the cost minimizing combination of resources.
Answer: A
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A price floor is considered
A) "fair" based only on the fair results view. B) "fair" based only on the fair rules view. C) "unfair" based on both the fair results and fair rules views. D) "unfair" based only on the fair results view. E) "fair" based on the fair results view and on the fair rules view.
Keynes rhymes with
A) beans. B) gains. C) genies. D) none of the above.
In the monopolistic competition model
a. firms are price takers b. barriers to entry maintain some monopoly "rents" in the long run. c. one dominant firm acts as the monopolist that is followed by the fringe of competitors. d. none of these.
In William Safire’s 1983 essay, “Smoot-Hawley Lives,” he argues that the United States should
A. threaten retaliation if trading partners practice protectionism. B. pursue a unilateral free trade policy regardless of what others do. C. limit government’s role in the economy.