If a firm is an oligopolist, which is NOT true?
A) It must pay attention to other firms' prices.
B) It is one of a relatively small number of firms dominating its industry.
C) It can sell all the units it wants at the going market price.
D) It is engaged in a strategic game.
C
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In the simple Keynesian model (no money market) assume that equilibrium output falls short of potential output by 300 units and the MPC = 0.8 . The size of the tax cut needed to reach full employment is
a. 30. b. 60. c. 75. d. 300.
Ellie has been working for an engineering firm and earning an annual salary of $80,000 . She decides to open her own engineering business. Her annual expenses will include $15,000 for office rent, $3,000 for equipment rental, $1,000 for supplies, $1,200 for utilities, and a $35,000 salary for a secretary/bookkeeper. Ellie will cover her start-up expenses by cashing in a $20,000 certificate of
deposit on which she was earning annual interest of $500 . According to Ellie's accountant, which of the following revenue totals will yield her business $50,000 in profits? a. $55,200 b. $105,200 c. $132,500 d. $185,700
The unregulated monopoly in Figure 27.2 will experience
A. Profits equal to PCPDDC. B. Losses equal to PA0qAA. C. Losses equal to PBPDDB. D. Profits equal to PD0qCD.
An increase in the equilibrium quantity of a product will result
A) when there is an decrease in demand and a decrease in the cost of inputs used to make the product. B) when there is an increase in supply and an increase in demand for the product. C) when the quantity of the product supplied exceeds the quantity demanded. D) when there is an increase in supply and a decrease in demand for the product.