One difference between perfectly competitive markets and single-price monopoly markets is that
A) marginal revenue equals marginal cost for perfectly competitive firms, but not for monopolists.
B) marginal revenue equals price for perfectly competitive firms, but not for single-price monopolists.
C) marginal cost equals average variable cost for perfectly competitive firms but not for monopolists.
D) All the above answers are correct.
B
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In the long run an increase in the money supply growth rate affects
a. the inflation rate and the natural rate of unemployment. b. the inflation rate, but not the natural rate of unemployment. c. neither the inflation rate nor the natural rate of unemployment. d. the natural rate of unemployment, but not the inflation rate.
According to the quantity theory of money, a decision on the part of all business firms currently paying employees on a monthly basis to begin paying on a weekly basis would be expected to
A. increase velocity and increase nominal GDP. B. increase velocity and decrease nominal GDP. C. decrease velocity and increase nominal GDP. D. decrease velocity and decrease nominal GDP.