An increase in the cost of an input will result in
A) a leftward shift in the firm's supply curve.
B) an upward shift of the firm's marginal cost curve.
C) a leftward shift of the market supply curve.
D) All of the above.
D
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At an output level above the profit-maximizing level, for a perfectly competitive firm, a reduction in output will:
a. reduce total revenue more than total cost. b. reduce total cost more than total revenue. c. increase total revenue more than total cost. d. increase total cost more than total revenue. e. decrease total revenue and total cost by the same amount.
If the economy is in a recession and prices are relatively stable, then the discretionary fiscal policy or policies that would most likely be recommended to correct this macroeconomic problem would be:
A. Increased government spending or increased taxation, or a combination of the two actions B. Increased government spending or decreased taxation, or a combination of the two actions C. Increased government spending or increased taxation, but not a combination of the two actions D. Decreased government spending or decreased taxation, or a combination of the two actions