If a public service commission requires a natural monopoly to set its price equal to the long-run marginal cost, this will result in
A) excessive economic profits to the monopoly.
B) normal economic profits to the monopoly.
C) losses to the monopoly.
D) either economic profits or losses, depending on the efficiency of the monopoly.
C
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Which of the following is a macroeconomic topic?
A) Why did production and jobs expand slowly in 2011? B) General Motors decides what prices to set for their new models. C) The federal government's decision to spend more on environmental protection D) The effect of floods in agricultural areas on the price and quantity of wheat E) The county government's decision to increase the sales tax for your county
In the Cournot model of oligopoly:
A. firms produce differentiated products and set their prices simultaneously. B. firms produce homogenous products and set their prices simultaneously. C. firms choose how much to produce simultaneously and the price clears the market given the total quantity produced. D. firms choose how much to produce and the price to charge simultaneously.
The GDP deflator can be used to take inflation out of nominal GDP
a. True b. False Indicate whether the statement is true or false
The ways to look at revenue in a perfectly competitive market include ______ revenue, ______ revenue, and ______ revenue.
a. total, average, marginal b. partial, percentage, marginal c. total, partial, percentage. d. total, average, percentage