Competitive firms are able to set price above marginal cost when
A) the markup is less than the cost of going to another store.
B) the markup is greater than the cost of going to another store.
C) all consumers have full information.
D) consumers know what other stores are charging.
A
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Under the old Soviet communist system, government planning was substituted for the _________________.
Fill in the blank(s) with the appropriate word(s).
What is the relationship between rent-seeking expenditures and monopoly?
What will be an ideal response?
In an inflationary atmosphere that everyone anticipates will persist, lenders will
A) desire a lower nominal interest rate to increase the real rate. B) desire a higher nominal interest rate to protect against the inflation. C) tend to see the real rate of interest increase, particularly if the inflation is unforeseen. D) have the real rate of interest guaranteed by the Federal Reserve Board.
Refer to the above table. What does total product equal when 2 units of labor are used?
A. 350 B. 320 C. 335 D. 670