If V = 5, P = 100, and Q = 10, then M is:
a. 20.
b. 10.
c. 500.
d. 1,000.
e. 200.
e
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When the price and output decisions of one firm include the possible price and output reactions of the firm's rivals, the market is
A. a monopoly characterized by differentiated products. B. an oligopoly characterized by mutual interdependence. C. perfectly competitive characterized by collusion. D. monopolistically competitive characterized by nonprice competition.
The progressive structure of the income-tax system is based on the
A. ability-to-pay principle. B. principle that "taxes are the price we pay for civilization." C. benefits-received principle. D. principle of diminishing returns.
A curve that shows the relationship between the wage and the quantity of labor demanded in the short run is:
A. the marginal revenue product of labor curve. B. the marginal revenue curve. C. the marginal product of labor curve. D. None of these
At the federal funds market equilibrium,
A) both the federal funds rate and the total quantity of reserves tend to rise automatically. B) both the federal funds rate and the total quantity of reserves tend to fall automatically. C) the equilibrium quantity of reserves demanded is equal to the equilibrium quantity of reserves supplied by the Fed. D) the equilibrium quantity of reserves demanded exceeds the equilibrium quantity of reserves supplied by the Fed.