Marginal means _____.
A) Additional
B) unimportant.
C) level or size.
D) scarcity.
E) inferior.
Ans: A) Additional
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Use the information below to explain adjustments that move the economy to a long-run equilibrium. Assume that firms and workers have adaptive expectations
The current unemployment rate = 7%. The natural rate of unemployment = 5.5%. Last year's inflation rate = 5%. This year's inflation rate = 4%.
One of the implications of the kinked demand curve model is that even if a firm's costs change by a measurable amount, market price is unlikely to change. This helps explain the price rigidity observed in many oligopolistic markets
Indicate whether the statement is true or false
Risk-sharing forms of compensation are beneficial if employee are
A) risk preferring. B) risk neutral. C) risk averse. D) prefer more to less.
A monopoly can charge any price it wishes, and chooses the
a. highest price b. price equal to marginal cost c. price associated with the output level where MC = MR d. competitive price to keep out potential entrants e. price associated with greatest efficiency