According to Keynes, which of the following can be used to slow down an overheated economy?
A. Decrease government purchases.
B. Employ more people.
C. Decrease taxes.
D. Make more money available.
Answer: A
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In the long run, perfectly competitive firms will exit the market if the price is
A) higher than average variable cost. B) equal to average total cost. C) less than average total cost. D) equal to average fixed cost. E) equal to marginal revenue.
Suppose a profit-maximizing monopoly is able to employ group price discrimination. The marginal cost of providing the good is constant and the same in both markets
The marginal revenue the firm earns on the last unit sold in the market with the higher price will be A) greater than the marginal revenue the firm earns on the last unit sold in the market with the higher price. B) less than the marginal revenue the firm earns on the last unit sold in the market with the higher price. C) equal to the marginal revenue the firm earns on the last unit sold in the market with the higher price. D) greater than the marginal cost of the last unit.