A firm's ________ curve in a perfectly competitive product market is the same as its supply curve. Similarly, a firm's ________ curve in a perfectly competitive labor market is the same as its demand curve.
A. total revenue; total cost
B. marginal cost; marginal revenue product
C. total cost; total revenue
D. marginal revenue product; marginal cost
Answer: B
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We would expect the euro to depreciate when there is a __________ shift in the euro demand curve or a __________ shift in the euro supply curve
A) rightward; rightward B) rightward; leftward C) leftward; rightward D) leftward; leftward
Libertarians believe that
a. it is more important to evaluate the process by which economic outcomes are produced than the outcomes themselves. b. government should attempt to redistribute income from the rich to the poor when the gap between rich and poor is more than 20%. c. equality of income is more important than equality of opportunity. d. it is more important to evaluate economic outcomes first and then the process that produced them.
In contrast to private goods, public goods such as public radio are such that one person's consumption ________ diminish the amount available to others, and those who supply the public good ________ exclude those who do not pay
a. does; can b. does not; can c. does; cannot d. does not; cannot
Advocates of "fixed policy rules" believe
A. That fine-tuning can improve macro outcomes. B. That the economy is better off using discretionary policy. C. In constant increases in the money supply and balanced federal budgets. D. That politicians can best determine when to stimulate and restrain the economy.