Robert uses his drawing skill to create medical illustrations for a company that makes medical equipment. Robert’s drawing skill is an example of ______.
a. scarcity
b. a resource
c. an output
d. an aggregate
b. a resource
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Monetary policy goals include
i. maximum employment. ii. stable prices. iii. moderate long-term interest rates. A) i only B) ii only C) i and iii only D) i and ii only E) i, ii, and iii
A decrease in aggregate demand causes a decrease in ________ only in the short run, but causes a decrease in ________ in both the short run and the long run
A) the price level; real GDP B) the price level; the price level C) real GDP; real GDP D) real GDP; the price level
If, at the point where MR = MC, the firm incurs losses, in the short run the firm should:
a. shut down. b. increase output. c. decrease output. d. continue at its current output if P > AVC. e. continue at its current output if P > ATC.
For a competitive firm
A) price is equal to marginal revenue. B) price is less than marginal revenue. C) demand is less than marginal revenue. D) demand is less than average revenue but equal to marginal revenue.