Justina operates in a perfectly competitive market. Which of the following is her short-run supply curve?
a. the MC curve above its point of intersection with the ATC curve
b. the market supply curve
c. the MC curve above its point of intersection with the AVC curve
d. the market demand curve
e. its MC curve
C
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According to Keynes,
A) prices decline as inventories increase. B) prices increase as inventories increase. C) prices decrease as inventories decrease. D) prices are sticky and will probably not respond to a change in inventories.
When the Federal Reserve System was first established, its founders intended the Fed to
a. assist the Treasury in collecting taxes. b. be primarily responsible for government regulations. c. pursue an active monetary policy to stabilize the economy. d. provide protection against financial panics by acting as the lender of last resort.
Cindy recently graduated from law school. She is currently unemployed as she searches for work in Dallas, Texas. What type of unemployment is Cindy experiencing?
a. Frictional b. Seasonal c. Structural d. Cyclical
According to Say's law, there can be
A) neither a general overproduction nor a general underproduction of goods. B) a general overproduction but not a general underproduction of goods. C) a general underproduction but not a general overproduction of goods. D) both a general overproduction and a general underproduction of goods.