If an individual perfectly competitive firm charges a price above the industry equilibrium price, it will
A) sell all that it can produce and gain equal revenue with competitors.
B) sell all that it can produce and gain more revenue than competitors.
C) sell part of what it can produce and gain less revenue than competitors will.
D) not sell any of what it produces.
D) not sell any of what it produces.
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In an Edgeworth box, all points of efficiency occur at the
A) intersections of the indifference curves. B) the points of tangency between the sets of indifference curves. C) in the midpoint of the diagram. D) at any point other than the intersections of the indifference curves.
Economists who believe that market concentration is not harmful to a country's economic well being
a. favor laissez-faire government policies b. think that markets should be regulated c. think that the government should own those monopolies d. like the idea of price controls e. are nonexistent
The backward-bending labor supply curve includes each of these variables except
A. the income effect. B. the substitution effect. C. the savings effect.
According to the Taylor rule, the Federal Reserve lowers the real interest rate as the output gap ________ or the inflation rate ________.
A. decreases; increases B. increases; increases C. increases; decreases D. decreases; decreases