In perfect competition, the marginal revenue of an individual firm
A) is zero.
B) is positive but less than the price of the product.
C) equals the price of the product.
D) exceeds the price of the product.
C
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Keynesian monetary theory:
a) is the same as the classical theory in all essential elements. b) states that changes in the money supply have no impact on GDP in either the short or long run. c) states that an increase in the money supply leads to lower interest rates, which stimulates investment and aggregate demand. d) states that an increase in the money supply will lower interest rates and thereby shift the long-run aggregate supply curve to the right.
Representative democracy works best _____
a. to allocate resources when constitutional rules limit the scope of collective action b. to equalize income when constitutional rules mandate a simple majority rule for all collective decision-making c. with a strong executive branch d. external costs of collective decision-making are extremely high