In long-run equilibrium for a monopolistically competitive firm, the firm's ________ curve is just tangent to its average total cost curve.
A. supply
B. marginal cost
C. marginal revenue
D. demand
Answer: D
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If you have $5000 and the GDP deflator decreases from 100 to 80
A) the $5000 will buy 20 percent more of the goods and services produced by society. B) the value of the $5000 remains constant. C) the $5000 will buy 20 percent less of the goods and services produced by society. D) the value of the $5000 decreases.
If the federal budget has an actual budget deficit of $100 billion and a cyclically adjusted budget deficit of $75 billion, then the economy
A) must be at potential real GDP. B) must be above potential real GDP. C) could be below or above potential real GDP. D) must be below potential real GDP.
The demand curve facing Company ABC is perfectly elastic. What is its marginal revenue?
A. Equal to the average revenue B. Less than the price C. Higher than the price D. Higher than the average revenue
Why is trade based on comparative advantage?
What will be an ideal response?