According to this Application, real GDP only grew by ________ percent from the end of the recession in 2009 through 2014
A) 2.0 B) 5.4 C) 10.8 D) 15.0
C
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Refer to the scenario above. Which of the following is likely to be true if Joe is known to be trustworthy?
A) Multiple equilibria will occur. B) A Nash equilibrium will occur. C) A socially inefficient equilibrium will occur. D) A dominant strategy equilibrium will occur.
In a perfectly competitive labor market, if any one firm decreases the amount of labor it employs, the most likely result will be that the
a. market wage rate will rise b. firm's revenue and cost will fall c. market wage will fall d. firm's revenue and cost will rise e. firm's revenue will fall, but its cost will remain unchanged
A tax on a good
a. raises the price that buyers effectively pay and raises the price that sellers effectively receive. b. raises the price that buyers effectively pay and lowers the price that sellers effectively receive. c. lowers the price that buyers effectively pay and raises the price that sellers effectively receive. d. lowers the price that buyers effectively pay and lowers the price that sellers effectively receive.
Which of the following is true for a monopolist but not for a firm in perfect competition?
A. The marginal revenue curve is downward-sloping. B. Marginal revenue equals price. C. Economic profits are zero in the long-run. D. The marginal revenue curve lies above the demand curve.