In a cartel, firms jointly act as
A) a monopolistic competitive firm.
B) a perfectly competitive firm.
C) a monopoly firm.
D) an oligopolistic firm.
Answer: C
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Refer to Figure 23-1. If the economy is in equilibrium, it is at a level of aggregate expenditure given by point
A) J. B) K. C) L. D) Points J, K and L all represent equilibrium.
If Ap is total autonomous planned spending, c is the marginal propensity to consume, s is the marginal propensity to save, and Y is the equilibrium income level, then induced saving is
A) Ap/Y. B) Y = Ap/s. C) sY. D) cAp.
Monopolistic competitors in long-run equilibrium will generally find that they are earning economic profits
a. True b. False Indicate whether the statement is true or false
Which of the following would be studied by a macroeconomist rather than a microeconomist?
A. shipping rates B. price of corporate stock C. market price of Japanese cars D. unemployment rate in the nation