The most efficient market structure in the long run is
a. perfect competition.
b. monopolistic competition.
c. oligopoly.
d. monopoly.
a
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Using prices from 2012, GDP grew 10 percent between 2012 and 2013; using prices from 2013, GDP grew 8 percent between 2012 and 2013
For its link back to the base year, the BEA will use ________ percent as the growth in real GDP between 2012 and 2013. A) 10 B) 2 C) 18 D) 9 E) 8
The supply curve is upward sloping because of
A) increasing marginal cost. B) decreasing marginal benefit. C) decreasing marginal cost. D) increasing marginal benefit. E) increasing total cost.
Average variable cost is at a minimum when ______
A. marginal cost equals average variable cost B. average total cost is at a minimum C. marginal cost exceeds average fixed cost D. average total cost exceeds average variable cost
The one disadvantage of paper money is that it is easier to
A. duplicate and counterfeit. B. carry. C. divide. D. store and use at a later time.