In a perfectly competitive industry, which of the following is a market signal to resource owners?
A) economic profits
B) quality of goods
C) the level of exports in the country
D) the level of subsidies the industry receives
A
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A movement along the bond demand or supply curve occurs when ________ changes
A) bond price B) income C) wealth D) expected return
A worse of a recession is called _______ in the business cycle.
a. a downturn b. a peak c. a trough d. an expansion
To maximize total profit in the short run, a perfectly competitive firm must find:
a. the quantity at which total revenue is at a maximum. b. the quantity at which total cost is at a minimum. c. the quantity at which total revenue is at a maximum and total cost is at a minimum. d. the quantity at which total revenue exceeds total cost by the greatest amount.
Suppose a monopolist and a perfectly competitive firm have the same cost curves. The monopolistic firm would:
A. charge a lower price than the perfectly competitive firm. B. charge a higher price than the perfectly competitive firm. C. charge the same price as the perfectly competitive firm. D. refuse to operate in the short run unless an economic profit could be made.