In response to significant economic problems, the Obama administration recommended
a. more tax cuts.
b. increased government spending.
c. substantial aid to state and local governments.
d. all of the above
d
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If a nondiscriminating pure monopolist decides to sell one more unit of output, the marginal revenue associated with that unit will be:
A. equal to its price. B. the price at which that unit is sold less the price reductions that apply to all other units of output. C. the price at which that unit is sold plus the price increases that apply to all other units of output. D. indeterminate unless marginal cost data are known.
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C