If the corn industry is perfectly competitive, ________ for corn is downward sloping and ________ is horizontal.
A. marginal revenue curve; average total cost curve
B. the marginal cost curve; the marginal revenue curve
C. an individual corn producer's demand curve; the marginal revenue curve
D. the market demand curve; an individual corn producer's demand curve
Answer: D
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Among a set of alternatives with the same total costs, an individual is said to optimize if she chooses an alternative that has the:
A) highest total benefit. B) highest risk. C) lowest opportunity costs. D) highest net costs.
Economic rents are typically counted as:
A) accounting costs but not economic costs. B) accounting and economic costs. C) economic costs but not accounting costs. D) none of the above
Under what conditions might a monopoly lose money?
Suppose the government of New Country has fixed the value of its currency, the New Peso, at $1 per New Peso, but the market equilibrium value of the New Peso is $0.50 per New Peso. In order to maintain the official value of the New Peso the Central Bank of New Country must either ________ domestic interest rates, or ________ the supply of international reserves by purchasing New Pesos.
A. lower; decrease B. raise; increase C. lower; increase D. raise; decrease