Which of the following is the best example of a perfectly competitive industry?
A) steel production B) airplane production
C) wheat production D) electricity production
C
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If real GDP decreases, there is
A) an upward movement along the demand for money curve and no shift of the curve. B) a leftward shift of the demand for money curve. C) no movement along the demand for money curve and the curve does not shift. D) a downward movement along the demand for money curve and no shift of the curve. E) a rightward shift of the demand for money curve.
If, for the last unit of a good produced by a perfectly competitive firm, MR > MC, then in producing it, the firm
A) added more to total costs than it added to total revenue. B) added more to total revenue than it added to total cost. C) is maximizing marginal profit. D) has minimized its losses.