If a cartel firm is producing the agreed upon quantity, they are producing at a level where ________.
A) the difference between marginal revenue and marginal cost (MR - MC) is negative
B) their marginal cost exceeds their marginal revenue
C) their marginal revenue equals their marginal cost
D) their marginal revenue exceeds their marginal cost
D) their marginal revenue exceeds their marginal cost
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
One reason that economists usually engage in ________ economic analysis is because the question of fair division of resources is ________ to decide objectively
A) positive; easy B) positive; hard C) normative; easy D) normative; hard
Prejudice and discrimination are indistinguishable
Indicate whether the statement is true or false
A tariff is
A) a limit placed on the quantity of goods that can be imported into a country. B) a tax imposed by a government on goods imported into a country. C) a subsidy granted to importers of a vital input. D) a health and safety restriction imposed on an imported product.