As a consequence of the condition of scarcity:
a. There is never enough of anything
b. Things which are plentiful have relatively high prices
c. Production has to be planned by government
d. Individuals have to make choices from among alternatives
d. Individuals have to make choices from among alternatives
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An imperfectly competitive firm is one that:
A. faces a perfectly inelastic demand curve. B. has at least some influence over the market price. C. seeks to maximize revenue. D. charges any price it wants.
Which of the following would DECREASE the demand for tennis balls?
A. A decrease in average household income when tennis balls are a normal good B. An increase in the cost of producing tennis balls C. A decrease in the price of tennis rackets D. An increase in the price of tennis balls
Refer to the above graph of the representative firm in monopolistic competition. The long-run equilibrium price and output for this firm will be:
A. B and C. B. A and D. C. A and C. D. B and D.
According to the Taylor rule, if the inflation rate is one percentage point below the target of 2%, then the Fed should:
A. Raise the real federal funds rate by one percentage point B. Lower the real federal funds rate by one percentage point C. Raise the real federal funds rate by half of a percentage point D. Lower the real federal funds rate by half of a percentage point