A firm in monopolistic competition maximizes profit by producing the quantity at which
A) marginal revenue equals marginal cost.
B) price equals marginal revenue.
C) price equals marginal cost.
D) demand equals marginal cost.
E) price equals average total cost.
A
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If a natural monopoly is broken up into many smaller firms then
A) the price will decrease. B) the average total costs of production will increase. C) efficiency will increase. D) None of the above because it is illegal to break up a natural monopoly into smaller firms.
A subsistence economy is
a. a very low income economy. b. an economy in which people make what they consume. c. an economy in which people receive food for pay. d. all of the above.
The discount window is
A) another name for the discount rate. B) the means by which the Fed makes discount loans to banks. C) the spread between the discount rate and the T-bill rate. D) the period each month during which banks are allowed to apply for discount loans.
In 2011, which country had the highest level of GDP per hour of work?
a. Spain b. the United Kingdom c. France d. Japan