A firm can be the only firm in an industry and still not be a monopoly if
A) the firm is not large.
B) the firm is not making economic profits.
C) the firm produces a good similar to a good in another industry.
D) the firm produces a good that is not considered a necessity.
Answer: C
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What happens when the Federal Reserve purchases U.S. government bonds?
A) Interest rates rise because bonds become scarcer. B) Commercial bank reserves increase. C) The national debt declines in size. D) The growth rate of the money stock falls. E) All of the above occur.
A relationship between two variables in which one variable increases at the same time that the other increases is called
A) nonlinear. B) constant. C) inverse. D) direct.
The marginal product of labor is equal to the
a. incremental cost associated with a one unit increase in labor. b. incremental profit associated with a one unit increase in labor. c. increase in labor necessary to generate a one unit increase in output. d. increase in output obtained from a one unit increase in labor.
The long-run aggregate supply curve
a. is vertical. b. is a graphical representation of the classical dichotomy. c. indicates monetary neutrality in the long run. d. All of the above are correct.