The government sector balance is equal to ________
A) net taxes minus government purchases of goods and services
B) tariffs minus imports
C) saving minus investment
D) exports minus imports
A
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In the very short run
a. new firms may enter the industry. b. existing firms may change the quantity they are supplying. c. price and quantity supplied is absolutely fixed. d. quantity supplied is absolutely fixed.
The Federal Reserve System was founded in
A monopolist
a. has a supply curve that is upward-sloping, just like a competitive firm. b. does not have a supply curve because the monopolist sets its price at the same time it chooses the quantity to supply. c. has a horizontal supply curve, just like a competitive firm. d. does not have a supply curve because marginal revenue exceeds the price it charges for its products.
A portrait photographer produces output in packages of 100 photos each. If the output sold increases from 600 to 700 photos, total revenue increases from $1,200 to $1,400 . The marginal revenue per photo is:
a. $2. b. $200. c. $100. d. $1. e. $20.