A single seller dominates the market for robotic mowers and charges a price above the competitive price. Some potential consumers do not buy mowers they would have bought at a lower price. What economic condition is represented by this scenario?
a. inventory
b. externality
c. efficiency
d. monopoly
d. monopoly
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Personal income taxes are reduced as part of an expansionary fiscal policy. What is the impact on aggregate expenditures and income?
A) Both increase. B) Both decrease. C) Aggregate expenditure increases and income decreases. D) Aggregate expenditure decreases and income increases.
In the short run, the fixed costs of a firm:
A. must be paid regardless of level of output. B. should be strongly considered in deciding whether to shut down production. C. are zero when quantity produced is zero. D. must be higher than variable costs for the firm.
Full employment means which of the following is zero?
a. structural unemployment b. cyclical unemployment c. frictional unemployment d. aggregate unemployment
The productivity speed-up in the United States could be explained by
a. improvements in labor force quality. b. falling energy prices. c. rising rates of domestic saving. d. advances in information technology.