When production costs go_________________, the producer is usually able to produce more goods and services at each and every price in the market.
Fill in the blank(s) with the appropriate word(s).
Ans: down
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Individual income tax is the ________ single component of federal revenue
A) smallest B) least important C) second largest D) largest
If an incumbent faces an identical potential entrant with no costs of entry, the incumbent will
A) produce the Cournot duopolist level of output. B) produce the Stackelberg leader level of output. C) set price equal to marginal cost. D) shut down.
One of the fundamental problems in economics is how to deal with ________.
limited resources but practically unlimited economic desires limited resources and limited desires unlimited resources and limited desires unlimited resources and unlimited desires
For this question, assume that the Fed sets monetary policy according to the Taylor rule. Suppose current U.S. macroeconomic conditions are represented by the following: ? < ??* and u = un. Given this information, we would expect that the Fed will
A) implement a monetary contraction. B) implement a monetary expansion. C) maintain its current stance of monetary policy. D) more information is need to answer this question.