A set of producers is competitive if:
a. the good produced by one can be differentiated from the other.
b. each supplies a complement of what the others produce.
c. each supplies a substitute for what the others produce.
d. the good produced by one can be used as an input by other producers.
C
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Suppose supply decreases, but there is no change in demand. As the market reaches its new equilibrium:
A. excess supply will lead the price to rise. B. excess demand will lead the price to rise. C. excess supply will lead the price to fall. D. excess demand will lead the price to fall.
Monopolies do not last in the long-run
Indicate whether the statement is true or false
Efficient resource allocation is defined as MC = AC
a. True b. False Indicate whether the statement is true or false
If the Fed wants a tighter monetary policy, it might:
A. sell government securities to reduce the federal funds rate. B. sell government securities to increase the federal funds rate. C. buy government securities to reduce the federal funds rate. D. buy government securities to increase the federal funds rate.