Laissez-faire proponents contend that the government can serve a valuable role in encouraging firms to engage in research and development by creating a patent system
Indicate whether the statement is true or false
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In the money market, if the nominal interest rate is below the equilibrium level,
A) the demand for money curve will shift leftward. B) the quantity of money demanded exceeds the quantity of money supplied. C) the quantity of money supplied exceeds the quantity of money demanded. D) the supply of money curve will shift leftward. E) asset prices will rise.
Which of the following forms of payment is NOT an incentive plan?
A. Bonuses for managers that increase with profits B. Straight hourly wages for construction workers C. Commission plans for salespeople D. Paying waitresses low wages, but allowing them to collect tips
An increasing-cost industry is one in which the average cost of production ________ as the total output of the industry ________.
A. increases; increases B. increases; decreases C. decreases; increases D. None of these; there are no increasing-cost industries.
Suppose when a market has four firms, average economic profit is $1,000 per month. When the market has five firms, the average economic profit is -$50 per month. This suggests that
A) the long-run equilibrium number of firms is between four and five. B) the long-run equilibrium number of firms is four. C) the long-run equilibrium number of firms is five. D) there is no long-run equilibrium in this market as profits can never be zero.