A monopolist firm may be more innovative than a competitive firm
a. True
b. False
Indicate whether the statement is true or false
True
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Explain the role the Fed, Congress, and the President play in making monetary policy
What will be an ideal response?
Economic models are NOT used to
A) explain economic phenomena. B) predict economic phenomena. C) understand economic phenomena. D) describe all economic phenomena in minute detail.
If the market price is $50 for a unit of a good produced in a perfectly competitive market and the firm's minimum average variable cost is $52, then to maximize its profit (or minimize its loss) the firm should
A) definitely produce the unit. B) shut down. C) not produce the unit but remain open. D) not produce the unit. Whether the firm should shut down or remain open cannot be determined without more information. E) produce the unit only if the price exceeds the average fixed cost.
Which of the following actions did Congress NOT take in the 1930s, in an effort to prevent future financial crises like the stock market crash of 1929?
A. Glass-Steagall Banking Act B. Formation of the SEC C. Formation of the FDIC D. Federal Reserve Act