A very large number of small sellers who sell identical products imply
A) a multitude of vastly different selling prices.
B) a downward sloping demand curve for each seller's product.
C) the inability of one seller to influence the price.
D) chaos in the market.
Answer: C
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Using the data in the above table, if potential GDP for this economy is $25 billion, then in order to restore full employment, the federal funds rate can be
A) lowered so that government expenditure on goods and services increase. B) raised so that consumption expenditure, investment, and net exports increase. C) lowered so that consumption expenditure, investment, and net exports increase. D) raised so that net exports increase. E) lowered so that consumption expenditure and investment increase, though net exports decrease.
If Japanese tourists visit Yellowstone Park, what is the effect in the foreign exchange market?
a. It will increase demand for U.S. dollars. b. It will decrease demand for U.S. dollars. c. It will increase supply of U.S. dollars. d. It will decrease supply of U.S. dollars.
Which of the following is considered a potential solution to some regulatory capture?
A)Bringing industry experts into the regulatory process B)Government subsidies for firms in the industry C)Creating a standard set of regulations for all industries D)Deregulation of the industry
Pookie's Pool Cleaning Service uses only one variable input, chlorine. Pookie?s ________ curve for chlorine in the short run is the input?s marginal revenue product curve.
A. demand B. supply C. marginal product D. total product