Because only competitive firms are price takers, only competitive firms have supply curves.
Answer the following statement true (T) or false (F)
False
All firms have supply curves, but for a price taker, output price will not be affected by the quantity supplied.
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Regarding costs, accountants _____; economists _____
a. identify stable and predictable costs for decision-making purposes; measure costs for financial reporting purposes b. identify stable and predictable costs for financial reporting purposes; measure costs for decision making purposes c. do not include opportunity costs; include opportunity costs d. include opportunity costs; do not include opportunity costs e. both b and c f. both a and d
If the supply curve is S and the demand curve shifts from D to D', what is the increase in producer surplus due to new producers entering the market?
a. $625
b. $2,500
c. $3,125
d. $5,625
If a monopolist is able to practice perfect price discrimination, there will be no consumer surplus.
Answer the following statement true (T) or false (F)
A decrease in the interest rate will cause a(n):
A. Increase in the transactions demand for money B. Decrease in the transactions demand for money C. Decrease in the amount of money held as an asset D. Increase in the amount of money held as an asset