Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.  Figure 15.1 Refer to Figure 15.1. From society's point of view, the ________ level is 25 haircuts.

The condition that requires MRTS for each input pair to equal the ratio of their marginal costs is known as ________ efficiency, and the condition that requires MRS for each output pair to equal their output price ratio is known as ________

efficiency. A) economic, market B) micro, macro C) cost, revenue D) technical, output

Monetary policy will be effective in changing the gross domestic product of a nation only if: a. planned investment expenditures are autonomous

b. planned investment expenditures are sensitive to interest rates. c. interest rates are unresponsive to changes in money supply. d. interest rates are sensitive to changes in the price level. e. planned investment expenditures are sensitive to interest rates.