As the economy turns the corner into a recession, the level of unplanned inventories ________ and firms ________ production
A) increases; do not change
B) decreases; begin to decrease
C) increases; begin to decrease
D) decreases; begin to increase
E) increases; begin to increase
C
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Compare the outcome in a market with a single-price monopoly to that in a perfectly competitive market
What will be an ideal response?
Ticket scalpers at the NCAA basketball tournament last year charged prices high above the printed ticket price. This observation is evidence of
A) a surplus at printed ticket prices. B) a shortage at printed ticket prices. C) the tournament not being televised. D) the tournament getting too much television exposure.
A perfectly competitive firm will have an economic profit of zero if, at its profit-maximizing output, its marginal revenue equals its
A) average total cost. B) marginal cost. C) average variable cost. D) average fixed cost.
Productivity per worker has increased in the past primarily through
a. hiring more teenagers. b. hiring more women. c. medical benefits. d. technological development.