If in a market the last unit of output was sold at a price higher than marginal cost
A) producer is better off producing more.
B) consumers are better off if less of the product is sold.
C) social welfare is not maximized.
D) the unit increased total profit.
C
Economics
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Economics
Commitment devices are necessary when:
A. following through on a threat or promise is not in a player's best interest. B. people cannot correctly identify their dominant strategy. C. players cannot trust that other players will avoid playing a dominated strategy. D. commitments cannot be purchased.
Economics