Refer to Figure 3.1. Which graph best represents the total benefit of an activity?
A. A
B. B
C. C
D. D
C. C
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Long-run equilibrium under monopolistic competition and perfect competition is similar in that
A) price equals marginal revenue. B) price equals marginal cost. C) firms produce at the minimum point of their average cost curves. D) firms break even.
The expenditure schedule will shift upward when
a. net exports decrease. b. net exports increase. c. total imports increase. d. total exports decrease.
A freely floating exchange rate brings some risks to people who are actively engaged in foreign trade
a. True b. False Indicate whether the statement is true or false
The conclusion that a monopoly results in lower output and higher prices than perfect competition relies on the assumption that
A) the demand curve for a monopoly is horizontal. B) consumers are ignorant of the effects of monopoly. C) the costs of production are the same whether the industry is perfectly competitive or a monopoly. D) elasticity of demand varies along the market demand curve.