As a percentage of national income, corporate profits and proprietors' income is almost
A. 75%.
B. 40%.
C. 17%.
D. 22%.
C. 17%.
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Assume peanut butter and jelly are complements. Ceteris paribus, an increase in the price of peanut butter will cause the equilibrium price of jelly to
A. Decrease and the equilibrium quantity of jelly to decrease. B. Increase and the equilibrium quantity of jelly to decrease. C. Decrease and the equilibrium quantity of jelly to increase. D. Increase and the equilibrium quantity of jelly to increase.
As the MPC rises, the multiplier
A. Will rise. B. Will fall. C. Will stay the same. D. may rise, fall, or stay the same.
For a monopolist:
a. price equals average total cost. b. price is above marginal revenue. c. marginal revenue equals zero. d. marginal cost equals zero. e. average total cost equals marginal cost.
Suppose you operate in a monopolistically competitive market. If you sell your good at a price of $10 and your average cost of production is $8:
A. your market is in long-run equilibrium. B. we can expect firms to enter your market and sell a similar good in the long run. C. there will be no incentive for competing firms to enter your market in the long run. D. you cannot be in short-run equilibrium.