For a monopolistically competitive firm, which of the following is ensured by product differentiation?
a. Long-run profit
b. Market power
c. Economies of scale
d. Increasing returns to scale
b
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Ways to "game" the budgeting process include
a. delaying sales if just short of a target b. accelerating expenses if just short of a target c. delaying sales once a target is met d. delaying expenses costs once a target is met
According to Adam Smith's invisible hand doctrine:
a. self-interest best serves the interests of society. b. laissez faire must be improved by government intervention. c. producers should serve the best interests of society. d. only laissez faire mercantilism best serves the interests of society.
Contrast the economic performance of the American economy of 2001 with the economic performance of the 1996 to 2001 period. Use the appropriate aggregate demand and aggregate supply curves to distinguish the differing economic condition of the two periods
If the production of a good generates external benefits, the government could increase efficiency by
A. requiring all producers of the product to be licensed to produce the product. B. regulating production of the good to reduce the amount produced. C. taxing the production of the good to reduce the amount produced. D. subsidizing production of the good to increase the amount produced.