The right of people to receive the value of their output as determined by the market _____
a. leads to people pursuing their own selfish ends, with little regard for others
b. leads individuals to produce only goods that will appeal to the masses
c. provides strong incentives to produce goods that will make themselves happy
d. provides incentive to produce goods that others find valuable
d
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From the perspective of consumers, a quota is preferred to a tariff
Indicate whether the statement is true or false
When production of a good results in an external cost, the unregulated competitive market equilibrium quantity is
A) the efficient level of output. B) greater than the efficient level of output. C) not zero but is less than the efficient level of output. D) unattainable. E) zero.
At its current level of quantity, a perfectly competitive firm's marginal revenue is $2.50, its short-run marginal cost is $2.50 and its long-run marginal cost is $2.00. Which of the following statements is true?
A) The firm is maximizing its long-run profit, but not its short-run profit. B) The firm should decrease its production to maximize profit in the short-run. C) The firm should increase its production to maximize profit in the short-run. D) The firm is maximizing its short-run profit, but not its long-run profit.
The aggregate supply curve is probably better thought of as a price/output response curve.
Answer the following statement true (T) or false (F)