If a competitive firm is currently producing a level of output at which marginal cost exceeds marginal revenue, then
a. average revenue exceeds marginal cost.
b. the firm is earning a positive profit.
c. decreasing output would increase the firm's profit.
d. All of the above are correct.
c
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Probably the simplest approach to the problem of oligopolistic interdependence is to
a. conduct market experiments. b. assume that rivals will pursue a course most detrimental to the firm concerned. c. ignore the actions of rivals. d. increase the firm's advertising outlay considerably.
The unemployment rate is computed by the _____. This agency conducts a survey of _____.
Fill in the blank(s) with the appropriate word(s).
To say that the Federal Reserve Banks are quasi-public banks means that:
A. they deal only with banks of foreign nations and do not have direct business contact with U.S. banks. B. they are publicly owned but privately managed. C. they deal only with commercial banks, and not the public. D. they are privately owned but managed in the public interest.
The primary credit rate is
A. determined by Congress. B. determined directly by the Federal Reserve. C. determined by market forces alone, without Federal Reserve influence. D. determined by market forces but targeted by the Federal Reserve.