If the industry in the above figure was perfectly competitive, the level of output would
A) be less than the single-price monopoly level of output.
B) be the same as the single-price monopoly level of output.
C) exceed the single-price monopoly level of output by 20 units per day.
D) exceed the single-price monopoly level of output by 60 units per day.
C
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If the current level of GDP exceeds full employment, the level of GDP can be reduced by
A) reducing the money supply. B) lowering interest rates. C) increasing spending. D) reducing taxes.
For a firm in monopolistic competition, the efficient scale is the amount of output at which ________ is a minimum
A) fixed cost B) average total cost C) average variable cost D) average fixed cost E) marginal cost
The primary difference between cooperative and noncooperative games is the ability to form contracts
a. True b. False Indicate whether the statement is true or false
When a nation is economically integrated with trading partners, fixed exchange rates:
A) would be very harmful to the dynamic nature of trade. B) could promote integration and economic efficiency by keeping transaction costs low. C) would be the best choice if that nation became the dominant nation in the transactions. D) would be adequate but have the disadvantage of discouraging trade because of uncertainty.