Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Assume Tom's budget constraint is AC. He will have leftover income if he purchases the bundle represented by point
A. A.
B. B.
C. E.
D. D.
Answer: C
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If the Federal Reserve conducts an open market sale, the
A) interest rate will decrease. B) interest rate will increase. C) interest rate will not change. D) money supply is increased.
Other things being equal, the marginal revenue product (MRP) curve for a competitive seller
A) lies below the MRP curve for a monopolist. B) is identical to the MRP curve for a monopolist. C) lies above the MRP curve for a monopolist. D) is upward sloping whereas a monopolist has a downward sloping MRP curve.
Give five examples of industries that are monopolistically competitive.
What will be an ideal response?
If the quantity desired of something exceeds the amount available at zero price, that item is called
A. a bad. B. capital. C. an intangible good. D. an economic good.