Being a monopolist in the market
a. guarantees a positive short-run profit.
b. guarantees a positive long-run profit.
c. does not contradict with the rule that profit is maximized where MR = MC.
d. All of the above are correct.
c
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Which of the following unemployment rates can be negative?
A) the official unemployment rate reported by the Bureau of Labor Statistics B) the natural unemployment rate C) the cyclical unemployment rate D) the seasonal unemployment rate
The quantity theory of money ________
A) is the product of classical economists B) links total income to a country's supply of money C) is derived from the equation of exchange D) all of the above E) none of the above
Price elasticity of demand is the responsiveness of
A) the quantity demanded to a change in price. B) demand to a change in supply. C) demand to a change in income. D) demand for a good to a change in the demand for another good.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.