When your outcomes depend on another's choices, asking __________________ is the key to good decision making.
A. how will others respond
B. what the wants and constraints are of those involved
C. what the trade-offs are
D. why everyone isn't already doing it
A. how will others respond
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If a firm has no ability to select the price of its product, it:
a. will go out of business due to losses. b. is a price-maker. c. cannot maximize profit. d. has a horizontal individual demand curve.
If workers demand wage compensation in advance of inflation, the economy's aggregate supply curve will
a. have a positive slope. b. have a negative slope. c. be vertical. d. be horizontal.
If workers underestimate inflation, the aggregate supply curve will tend to be
a. upward sloping. b. downward sloping. c. vertical. d. horizontal.
Refer to the following graph.
The perfectly competitive firm depicted is currently:
A. incurring a loss that is larger than total fixed cost, and so the firm should shut down. B. earning positive economic profit. C. incurring a loss, but the loss is smaller than the firm's total fixed cost. D. earning zero economic profit.