In an monopolistic market there is likely to be:
A. Little consideration of the actions of rival firms
B. Price taking behavior on the part of firms
C. Homogeneous but not differentiated products
D. Neither allocation nor productive efficiency
D. Neither allocation nor productive efficiency
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Suppose that real GDP for 2015 was $10,000 billion and real GDP for 2016 was $9,500 billion. What is the rate of growth of real GDP between 2015 and 2016?
A) -10% B) -5% C) -2% D) -1%
Real consumption spending is inversely related to
a. real disposable income b. the amount of common stock owned c. the amount of real estate owned d. expectations of future income e. the interest rate
Suppose that only one curve shifts. If you observe that the equilibrium price and equilibrium quantity increased, then the market experienced a(n):
A. decrease in supply. B. increase in demand C. increase in supply. D. decrease in demand.
Marginal cost pricing means that a firm
A. Produces up to the output level at which MC = 0 for a given market price. B. Lowers market price to marginal cost for a given output. C. Produces up to the output where P = MC for a given market price. D. Lets marginal cost rise to the market price for a given output.