The cookie company in the mall hires workers to produce cookies. The workers are paid $75 per day, and the cost of renting the space in the mall is $250 per day. The total costs when three workers are hired is
a. $75.
b. $100.
c. $150.
d. $475.
d. $475.
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In the short run, monopolistically competitive firms behave like ________________, but in the long run, the profit of a firm is similar to that of ________________.
A. monopolies; perfectly competitive firms B. perfectly competitive firms; monopolies C. monopolies; oligopolies D. oligopolies; perfectly competitive firms
The more firms there are in a market, the:
A. larger will be the price effect of one firm's output decision. B. smaller will be the price effect of one firm's output decision. C. more collusion is likely to happen. D. None of these statements is true.
The proportion of the U.S. population below the poverty line
A. rises with upturns of the business cycle. B. has declined, though somewhat erratically, over the past 40 years. C. has been virtually eliminated by a vigorous "War on Poverty." D. covers roughly 20% of the same people year after year.
A recessionary gap occurs when
A. the price level is too low. B. equilibrium real GDP is greater than potential GDP. C. equilibrium real GDP falls short of potential GDP. D. the government does not stimulate investment spending.