The feature of the above figure that indicates that the firm is a perfectly competitive firm is the
A) shape of the total cost curve.
B) shape of the total revenue curve.
C) fact that the total cost and total revenue curves are farthest apart at output is Q2.
D) fact that the total cost and total revenue curves cross twice.
B
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Nick Lewis is a strict vegetarian and dislikes the sight and smell of meat products. He buys a raffle supporting the Josh Gottheil Memorial Fund for Lymphoma Research and wins the 3rd prize: a year's supply of hamburger meat. He is willing to trade with his meat-loving friends, and a trade ensues. This is because the
a. marginal utility of meat for them is positive and for Nick, it's negative b. total utility of meat for them and for Nick is positive c. MU/P of the goods his friends trade away is higher than their MU/P of meat d. MU/P of meat for Nick is higher than the MU/P of the goods he gets for the meat e. his friends have a negative total utility of meat, but wish to help Nick
Interest rates in the United States were low for an extended period after the recession of 2001 . Many cite these low levels as a major reason for fueling housing speculation that caused the Great Recession. Which of the following was a cause of low interest rates in the United States?
a. Loose monetary policies by the Federal Reserve. b.Muted inflationary expectations. c. Strong capital inflows from foreign countries with high saving rates. d. All of the above.