Refer to the information provided in Figure 23.4 below to answer the question(s) that follow.
Figure 23.4Refer to Figure 23.4. The society's consumption is equal along C2 and C3 if
A. saving is positive.
B. income is Y2.
C. saving is negative.
D. income is Y1.
Answer: B
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According to the figure shown, Adidas:
A. should charge a low price, regardless of what Nike chooses to do.
B. should charge a high price, regardless of what Nike chooses to do.
C. does not have a dominant strategy.
D. should take the first-mover advantage and charge a low price.
Which of the following conditions would distinguish a competitive firm from a monopolist?
a. The existence of a demand curve for the firm. b. The slope of the demand curve facing the firm. c. The rule of profit maximization, i.e., produce where MR = MC. d. The relationship between marginal revenue and total revenue. e. The existence of diseconomies of scale.
In Macroland, potential output equals $100 trillion and the natural rate of unemployment is 4 percent. If the actual unemployment rate is 3 percent, then real GDP equals:
A. $97 trillion. B. $98 trillion. C. $102 trillion. D. $101 trillion.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.