If market structures are ranked from the one in which firm(s) face the flattest demand curve to the one where they face the steepest, the correct order is
a. monopoly, monopolistic competition, perfect competition
b. monopolistic competition, perfect competition, monopoly
c. monopolistic competition, monopoly, perfect competition
d. perfect competition, monopoly, monopolistic competition
e. perfect competition, monopolistic competition, monopoly
E
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When it takes time for the president and Congress to change fiscal policy to act on economic data, we have a(n)
A) aggregate time lag. B) action time lag. C) recognition time lag. D) effect time lag.
What is the post-tax equilibrium quantity in this market?
A. between 70 units and 100 units B. less than 70 units C. greater than 100 units D. 70 units
Fixed costs are sometimes referred to as _____ costs because once you've obligated yourself to them, they cannot be recovered.
Fill in the blank(s) with the appropriate word(s).
In the table above, what is the maximum amount of output that can be produced with two workers?
A. 125 B. 50 C. 250 D. 150 E. 320