A traffic light would be considered a common resource
a. True
b. False
Indicate whether the statement is true or false
False
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
If a perfectly competitive firm is a profit-maximizer, it produces where
a. MR>MC b. P>MR c. P = MC d. TR = TC
Refer to the scenario above. The winner of this auction will earn a surplus of ________ if he follows his dominant strategy
A) $100 B) $300 C) $400 D) $200
How is a monopolistically competitive firm similar to a perfectly competitive firm?
A) Both will observe entry into the industry if economic profit is positive. B) Both produce where average total cost equals marginal cost. C) Both make a positive economic profit in the long run. D) Both produce a homogeneous good.