A cartel's marginal cost curve is the
a. highest of all the individual firms' marginal cost curves
b. lowest of all the individual firms' marginal cost curves
c. horizontal sum of all the individual firms' marginal cost curves
d. average of all the individual firms' marginal cost curves
e. product of all the individual firms' marginal cost curves
C
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According to the permanent-income hypothesis, a permanent increase in a person's income will
A) increase consumption more than savings. B) increase savings more than consumption. C) be smoothed out to where the increases in consumption and savings are roughly equal. D) have the same effect on consumption as a transitory increase in income.
In a two-person exchange, if the price offered to the seller is less than the opportunity cost of production, the exchange will not take place
Indicate whether the statement is true or false
Proponents of rational expectations argued that the sacrifice ratio
a. could be high because it was rational for people not to immediately change their expectations. b. could be high because people might adjust their expectations quickly if they found anti-inflation policy credible. c. could be low because it was rational for people not to immediately change their expectations. d. could be low because people might adjust their expectations quickly if they found anti-inflation policy credible.
Which of the expenditure components of GDP can be negative?
A. Net exports are negative when imports exceed exports B. Consumption spending on durables C. Consumption spending on services D. Net exports