Specialization should be guided
A) by government regulations.
B) comparative advantage
C) by only technology.
D) by only labor or technology.
B
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If it does not shut down, a perfectly competitive firm produces where marginal cost is equal to the marginal revenue
A) only in the short run. B) only in the long run. C) always to maximize its profit. D) only if it is not possible to produce where price equals average variable cost. E) only if it is not possible to produce where price is greater than average total cost.
If the Fed adopts a contractionary monetary policy, eventually we can expect: a. aggregate demand to increase
b. short-run aggregate supply to decrease. c. interest rates to decrease. d. planned investment expenditures to decrease. e. real Gross Domestic Product to increase.