In a perfectly competitive market, market price and output are determined by the ______ of the market supply and demand curves.
a. slants
b. parallelism
c. intersection
d. proximity
c. intersection
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A monopolist maximizes profits by finding
A. the rate of output where price equals marginal cost. B. the rate of output where marginal revenue equals marginal cost. C. the price where average revenue and marginal cost are equal. D. the price where price exceeds marginal revenue by that largest amount.
(Advanced analysis) Suppose that the linear equation for consumption in a hypothetical economy is C = 50 + 0.9 Y. Also suppose that income (Y) is $400. Determine the following: (a) MPC; (b) MPS; (c) level of consumption; (d) APC; (e) APS.
What will be an ideal response?
Which of the following is an example of an investment in physical capital?
A. A firm pays for workers to take college classes. B. A chemical firm employs chemists to develop new chemicals. C. A firm trains workers to operate new machinery. D. A firm purchases new equipment for a manufacturing process.
Business cycles are the result of
A) regular shifts of the AD curve only. B) irregular shifts of the SAS curve only. C) regular shifts of both the AD and SAS curves. D) irregular shifts of both the AD and SAS curves.