In the long-run equilibrium, perfectly competitive firms produce the level of output such that
A) marginal cost is minimized.
B) average total cost is minimized.
C) marginal cost equals the price.
D) Both answers B and C are correct.
D
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What is the maximum number of voting members of the FOMC?
A) 12 B) 4 C) 11 D) 7
Refer to Scenario 3 . What is the maximum potential increase in coconut production and maximum potential increase in hut production described in the previous question?
What will be an ideal response?
The Second Bank of the United States
A) was disbanded in 1811 when its charter was not renewed. B) had its charter renewal vetoed in 1832. C) is considered to be the primary cause of the bank panic of 1907. D) None of the above.
Government can step in to make economic decisions that address problems markets create, but government action is also imperfect and may not reflect majority views. What situation can arise in which it would be very difficult to identify which choice the majority of voters approves?
a. Budget trading b. Vote cycling c. Logrolling d. Pork-barrel spending