The business cycle describes
A) the change in the standard of living across countries.
B) the change in potential GDP over time.
C) the behavior of real GDP over time.
D) the behavior of nominal GDP over time.
E) the behavior of GNP over time.
C
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A dominant firm's residual demand curve is
A) the horizontal difference between the market demand curve and the supply curve of the fringe firms. B) the vertical difference between the market demand curve and the supply curve of the fringe firms. C) the demand curve left for the fringe firms after the dominant firm has determined an output level. D) None of the above.
To maximize cartel profit, the members must allocate output so that the marginal cost for the final unit produced by each firm is
a. identical b. unequal c. negative d. equal to the firm's average total cost e. maximized
Which of the following sayings best represents the concept of opportunity costs?
a. "A glass can be half empty or half full." b. "When in Rome, do as the Romans do." c. "There is no such thing as a free lunch." d. "No taxation without representation." e. "What's up?"
When the price of hot dogs at the supermarket increases, the quantity demanded of hot dog buns declines. This situation describes:
a. the income elasticity of demand for hot dogs. b. the income elasticity of demand for hot dog buns. c. the price elasticity of supply for hot dogs. d. the negative cross-price elasticity of demand for hot dogs and hot dog buns. e. the positive cross-price elasticity of supply for hot dogs and hot dog buns.