During the expansion phase of the business cycle, which of the following eventually increases?
A) production
B) employment
C) income
D) all of the above
Answer: D
Economics
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Under conditions of perfect competition, marginal revenue
a. exceeds average revenue. b. is less than average revenue. c. always exceeds marginal cost. d. equals average revenue.
Economics
A perfectly inelastic supply curve is
A) an upward sloping straight line that intersects the origin. B) horizontal. C) vertical. D) downward sloping.
Economics
Refer to Figure 6-13. Which of the following price floors would be binding in this market?
a. $3
b. $4
C. $5
d. $6
Economics
Which does not necessarily apply to a pure monopoly?
A. The firm must be the sole producer of a product. B. Entry must be blocked. C. The firm must earn economic profits. D. The product the firm produces must have no close substitutes.
Economics