The property of _____ implies that a consumer always prefers to consume more of either good, holding the consumption of the other good constant
a. monotonicity
b. transitivity
c. relativity
d. reflexivity
a
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A vertical curve that defines the level of full-employment or potential output based on a given amount of resources, efficiency, and technology in the economy is called:
A) the short-run aggregate supply curve. B) the long-run aggregate supply curve. C) the aggregate demand curve. D) none of the above.
A firm that controls both the upstream as well as the downstream stages of production is said to be:
a. functionally integrated. b. perpendicularly integrated. c. vertically integrated. d. horizontally integrated.
Which of the following does the long-run Phillips curve tell us?
a. That output can be below potential in the long run b. That the unemployment rate can take on any value in the long run c. That output can be maintained above potential in the long run d. That unemployment will return to the natural rate in the long run e. That the inflation rate cannot rise above 10 percent in the long run
Answer the following questions true (T) or false (F)
1. A prisoner's dilemma leads to a noncooperative equilibrium. 2. A member of a cartel earns more profits by producing more than its quota and selling at a price higher than the cartel's price. 3. Collusion is common in oligopoly and monopolistically competitive industries.