If Mark tries to purchase a new refrigerator in a perfectly competitive market, then
A) he will have a very limited ability to negotiate over the price.
B) he will have only a few sellers available to him.
C) he will see large differences in the types of refrigerators sold across sellers.
D) he will find himself constantly haggling with sellers over the price.
E) None of the above is correct.
A
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Interlace, Inc produces and a unique soda. The company cannot price discriminate. The figure above shows Interlace's demand curve, marginal revenue curve, and marginal cost curve. When Interlace maximizes its profit, the deadweight loss is
A) zero. B) $15,000. C) $21,000. D) $3,000.
Refer to the above figure. Suppose the economy is operating at point A. There is a recessionary gap of ________, which can be closed by ________
A) $3 trillion; increasing government spending by $1 trillion B) $1 trillion; expansionary fiscal policy that shifts the short-run aggregate supply curve through point C C) $2 trillion; expansionary fiscal policy that generates another $2 trillion in total spending D) $2 trillion; an increase in government spending of $14 trillion