Generally speaking, the government implements fiscal policy in a:
A. fast but inaccurate manner.
B. slow but accurate manner.
C. slow and inaccurate manner.
D. fast and accurate manner.
Answer: C
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A firm is generally more interested in marginal profits than in total profits.
Answer the following statement true (T) or false (F)
Which statement best describes social surplus?
a. the sum of consumer surplus and producer surplus b. the amount that a seller is paid for a good minus the seller’s actual cost c. the amount that individuals would have been willing to pay, minus the amount that they actually paid d. when it is impossible to improve the situation of one party without imposing a cost on another
What are the effects on a market when there is entry?
What will be an ideal response?
For a perfect competitor, price equals
A) marginal revenue only. B) average revenue only. C) both average revenue and marginal revenue. D) neither marginal revenue nor average revenue.