Members of the Board of Governors
A) must resign when the President who has appointed them leaves office.
B) may serve no more than three consecutive four-year terms.
C) serve for life or good behavior.
D) serve one nonrenewable fourteen-year term.
D
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In the long run, a monopolistically competitive firm will find
a. its demand curve shifting until price equals average total cost b. its cost curve shifting until price equals average total cost c. its demand curve shifting until marginal revenue equals marginal cost d. its cost curve shifting until marginal revenue equals marginal cost e. no changes in its demand or cost curves if it is earning an economic profit
Which of the following is the correct way to describe equilibrium in a market?
a. At equilibrium, demand equals supply. b. At equilibrium, quantity demanded equals quantity supplied. c. At equilibrium, market forces are no longer at work. d. Equilibrium is a tendency, a state of perpetual motion. e. Equilibrium is the best combination of price and quantity.