Firms with monopoly power tend to be more efficient than competitive firms.
Answer the following statement true (T) or false (F)
False
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $4, what is the value of marginal product of the second worker?
A) $80 B) $20 C) $30 D) $180
With higher future taxes
A) current consumption declines. B) current consumption stays the same. C) current consumption increases. D) current consumption depends on other factors.
Which of the following is a normative statement?
a. A decrease in price leads to an increase in quantity consumed. b. Incomes grow more rapidly in high-tax states than low-tax states. c. People would be better off if government expenditures were higher. d. People will buy less butter at $1.50 per pound than they will at $1 per pound.