Which of the following is also known as the firm's planning curve?
a. the average total cost curve
b. the total cost curve
c. the long-run average cost curve
d. the long-run marginal cost curve
e. the fixed cost curve
C
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The following are possible examples of price discrimination except
A) prices in export markets are lower than for identical products in the domestic market. B) senior citizens pay lower fares on public transportation than younger people at the same time. C) a product sells at a higher price at location A than at location B, because transportation costs are higher from the factory to A. D) subscription prices for a professional journal are higher when bought by a library than when bought by an individual.
Which of the following is the best example of a perfectly competitive market?
a. automobiles b. postal service c. disk operating system software d. milk e. breakfast cereals
If a gamble has an expected value of $10, then one can predict that:
A. all risk-neutral people will take the gamble. B. only risk-averse people will take the gamble. C. the gamble never pays out more than $10. D. no risk-averse person will take the gamble.
One of the reasons that expansionary monetary policy was not as effective as expected in recent years is that banks:
A. purchased Treasures with the reserves that the Fed added to their accounts. B. loaned reserves that the Fed added to banks. C. returned reserves that the Fed added to banks. D. held onto the reserves that the Fed added to banks.