A. The firm is Productively efficient
B. The firm is allocatively inefficient
C. The firm produces where marginal cost is less than marginal revenue
D. The firm produces at the socially optimal level
A. output in the market tends to fall because each firm must cut back on production
B. the price in the market moves further from marginal cost
C. collusion is more likely to occur because a larger number of firms can place pressure on any firm that defects
D. The price in the market moves closer to marginal cost
A. In which economists control production
B. In which production and distribution of wealth is under government’s control
C. In which technocrats control production
D. In which government controls distribution
A. 91 MAF
B. 86.9 MAF
C. 100.9 MAF
D. 76.9 MAF
A. lower unemployment rate will tend to lower the inflation rate
B. lower unemployment rate will tend to raise the inflation rate
C. raise inflation rate will tend to raise the unemployment rate
D. lower inflation rate will tend to raise the unemployment rate
A. assume that this year’s inflation rate will be the same as last year’s inflation rate
B. merely guess at the inflation rate.
C. assume that this year’s inflation rate will be equal to the average inflation rate over the past 10 years
D. Use all available information in forming their expectations.
A. output is maximized
B. inputs are minimized
C. there is no way to make a given output using less of one input and no more of the other inputs
D. Costs are minimized