When buying a car from a dealership, to get the best bargain
a. Never stick to the first offer you make
b. Allow room for bargaining
c. Threaten to walk out if the dealer does not accept your offer
d. Quote your highest willingness to pay
c
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As additional consumers obtain the benefits of a pure public good, such as national defense, the benefits to the existing consumers will:
A. stay the same. B. increase in the short run, but decrease in the long run. C. decrease. D. increase.
A highly active role by government may be needed to promote economic growth in low-income DVCs because of:
A. a lack of infrastructure. B. rigid law enforcement in the country. C. excessive local entrepreneurship. D. all these reasons.
When actual output equals potential output and the inflation rate is stable, the economy is said to be in ________ equilibrium.
A. contractionary B. short-run C. expansionary D. long-run
Farmer Fanny sells her crops in a perfectly competitive market. If she produces 500 bushels for total revenue of $3,000 and if harvesting the 501st bushel would raise her total cost from $2,500 to $2,510, her
a. revenue will increase by $4 if she harvests the 501st bushel b. revenue will fall by $4 if she harvests the 501st bushel c. average fixed cost will rise if she harvests the 501st bushel d. profit will fall by $10 if she harvests the 501st bushel e. profit will fall by $4 if she harvests the 501st bushel