In a long-run equilibrium, a firm in a monopolistically competitive market operates
a. where marginal revenue is zero.
b. where marginal revenue is negative.
c. on the rising portion of its average total cost curve.
d. on the declining portion of its average total cost curve.
d
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Which of the following describes the relationship between the actual federal funds rate and that suggested by Taylor's rule following the recovery from the 2001 recession?
A) The federal funds rate was above that suggested by Taylor's rule. B) The federal funds rate was below that suggested by Taylor's rule. C) The federal funds rate was about equal to that suggested by Taylor's rule. D) There was not a clear relationship between the federal funds rate and that suggested by Taylor's rule.
What are the principal sources of change in productivity growth?
What will be an ideal response?
Jessica’s workplace is collecting money for a lottery pool. Each employee can choose to contribute $50, with a 1 in 600,000 chance of winning $1 million. If Jessica chooses not to contribute to the lottery pool, she is probably experiencing:
A. positive framing. B. the endowment effect. C. loss aversion. D. status quo bias.
Cory gets 18, 23, and 25 units worth of total utility from consuming 10, 11, and 12 raw oysters, respectively, and the price per oyster is 25 cents. Thus, one can infer that Cory:
A. has consumed too many oysters. B. is not maximizing his utility. C. should not consume any more oysters. D. is experiencing diminishing marginal utility.