What is one of the advantages of monetary policy over fiscal policy?
A. Its control over the size of Federal budget deficits
B. The quickness with which it can be used
C. The opportunity for broad political influence
D. It can guarantee an expansion of aggregate demand when needed
B. The quickness with which it can be used
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A second-price auction
a. is also called a Vickrey auction b. is where bidders submit increasing bids until all but one remains c. is where the sole remaining bidder wins and pays his winning bid d. all of the above
In the long-run equilibrium for a perfectly competitive firm, price equals which of the following?
a. price. b. minimum short-run average total cost. c. short-run marginal cost. d. All of these.
In the long run, the entry of new firms in an industry
A) harms consumers by forcing prices up above the level of average cost. B) benefits consumers by forcing prices down to the level of total cost. C) harms consumers by forcing prices up above the level of total cost. D) benefits consumers by forcing prices down to the level of average cost.
Any factor that shifts the demand curve to the left but does not affect the supply curve will lower the equilibrium price and raise the equilibrium quantity.
Answer the following statement true (T) or false (F)