Which of the following statements is TRUE for both a competitive market and a single-price monopoly?
A) The firm maximizes profit by producing the quantity at which marginal revenue equals marginal cost.
B) The firm can make an economic profit in the long run.
C) The price is set where the supply curve and demand curve intersect.
D) The firm always produces at the lowest possible long-run average cost.
A
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If the U.S. interest rate differential rises, then the effect in the foreign exchange market on the demand for dollars is that the
A) demand for dollars decreases. B) quantity of dollars demanded decreases. C) quantity of dollars demanded increases. D) demand for dollars increases. E) demand for dollars does not change and the quantity of dollars demanded also does not change.
Which of these is a lagging economic indicator?
a. The unemployment rate b. Personal income c. Industrial production d. Total employment e. Fluctuations in stock prices