Which is considered a strength of monetary policy compared to fiscal policy?
What will be an ideal response?
its protection from political pressure.
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In order to maximize profits in the short run, a price taker should always produce at the output level where marginal cost is equal to price.
Answer the following statement(s) true (T) or false (F)
Efficiency is defined as minimizing waste
a. True b. False Indicate whether the statement is true or false
If oligopolistic firms facing similar cost and demand conditions successfully collude, price and output results in this industry will be most accurately predicted by which of the following models?
A. the price-leadership model of oligopoly B. the monopolistic competition model C. the pure monopoly model D. the kinked demand curve model of oligopoly
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
Art's opportunity cost of producing one computer is ________ pounds of beef.
A. 1/100 B. 1/50 C. 100 D. 50