Which of the following is not a characteristic of pure capitalism?
a. private property rights
b. competitive markets
c. laissez-faire policies
d. central planning
e. a reliance on prices to direct resources to their best uses
D
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Refer to the table below. If Sweet Grams is a perfectly competitive firm and the market price $1.00 per unit, what is the profit-maximizing quantity for Sweet Grams to produce at Plant 1?
Sweet Grams makes graham cracker snack packages. Sweet Grams is a multi-plant firm with two production facilities. The above table summarizes the total marginal cost of production at various output levels in the separate plants. Assume Sweet Grams is a perfectly competitive firm.
A) 24,500
B) 27,000
C) 32,000
D) 22,500
When competing firms have a commitment strategy, it is called:
A. collusion. B. predatory pricing. C. competition. D. competitive cooperation.
According to the Taylor, if there is a recessionary gap of 3 percent of potential output and inflation is 4 percent, what real interest rate will the Fed set?
A. 0.02 B. 0.03 C. 0.015 D. 0.025
If the cross elasticity of demand between peanut butter and milk is -1.11, then are peanut butter and milk substitutes or complements?
What will be an ideal response?