Because a monopolistically competitive firm has some market power, in the long-run the price of its product exceeds its
a. average revenue.
b. average total cost.
c. marginal cost.
d. None of the above is correct.
c
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How would the Fed's reduction of the reserve ratio requirement affect the money supply?
What will be an ideal response?
The actions of the Fed: a. must be approved by the president and Congress
b. must be approved by the president alone. c. must be approved by Congress alone. d. are not subject to approval by any branch of government. e. are subject to the approval of the electorate.
Which of the following is a macroeconomic subject?
a. umbrellas produced by a firm b. wages earned by a firm producing umbrellas c. cost of producing military aircraft d. savings in the national economy e. profit earned by a firm producing military aircraft
A bus is mostly filled with passengers and ready to travel from Los Angeles to San Francisco. At the last minute, a person comes running up to the bus and takes a seat. The change in the bus company's total cost as a result of transporting one more passenger on this trip is called
a. marginal cost b. average total cost c. variable cost d. fixed cost e. opportunity cost