The demand curve faced by a monopolistically competitive firm is:
A. highly elastic.
B. vertical.
C. highly inelastic.
D. horizontal.
Answer: A
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Long Beach Island, off the coast of New Jersey, is considering building a system of satellite towers that will enhance communication during emergencies such as hurricanes
The efficient quantity of satellite towers is definitely the quantity of such that the A) marginal social cost is equal to the marginal social benefit. B) marginal private cost is equal to the marginal social benefit. C) marginal social cost is less than the marginal social benefit. D) marginal private cost is less than the marginal social benefit.
In a small country, the net national cost of tariff protection is equal to the reduction in consumer surplus minus
A) the gain to foreigners. B) the increase in government revenue and the increase in producer surplus. C) the increase in government revenue. D) the increase in producer surplus. E) the efficiency loss and the consumption side loss.
Supply curves for secondary supply resources (e.g., scrap metal) become:
A) Steeper in the short run B) More elastic in the long run C) Steeper in the long run D) More inelastic in the short run
If the current unemployment rate is equal to the natural unemployment rate, then current Real GDP is
A) greater than Natural Real GDP. B) equal to Natural Real GDP. C) equal to the Real GDP produced at full employment. D) less than Natural Real GDP. E) b and c