If three residential cleaning service companies agree to reduce the number of homes they clean each month in an effort to raise the price for the service, this is an example of ________.
A) output restrictions
B) monopolization
C) resale price maintenance
D) market division
A) output restrictions
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To fight a recession, an appropriate monetary policy would be that the Fed conducts an open market operation that ________ government securities, ________ the federal funds rate, and ________ aggregate demand
A) buys; lowers; decreases B) sells; lowers; increases C) sells; raises; decreases D) buys; lowers; increases E) sells; raises; increases
The output level at which a firm's long-run average total cost is minimized is known as its
a. profit-maximizing output level b. long-run marginal cost c. minimum efficient scale d. revenue maximization level e. equilibrium cost structure
If the production possibilities frontier were a straight line,
A. The Law of Increasing Cost would still apply. B. The opportunity cost of producing one good would decrease as more of another good is produced. C. The opportunity cost of producing one good would increase as more of another good is produced. D. The opportunity cost of producing one good would remain the same as more of another good is produced.
An increase in government spending financed by borrowing changes people's expectations about future taxation such that current consumption expenditures
a. fall. The increase in expenditures makes it likely that future taxes will create smaller distortions. b. fall. The increase in expenditures makes it likely that future taxes will create larger distortions. c. rise. The increase in expenditures makes it likely that future taxes will create smaller distortions. d. rise. The increase in expenditures makes it likely that future taxes will create larger distortions.