For the single-price monopoly, marginal revenue is
a. more important than marginal cost
b. always more than marginal cost
c. always less than average cost
d. always less than the price of output
e. more significant than total revenue
D
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Monetary policy administered by the Fed is the principal method of softening the effects of the business cycle because _____.
(A) The outside lag for fiscal policy is shorter than the outside lag for monetary policy. (B) There are more political complications with determining and implementing fiscal policy. (C) Fiscal policy is not effective at easing the fluctuations of the economy. (D) Monetary policy has the shortest total delay in implementing and achieving a planned outcome.
Which of the following is an example of a durable good?
a. a cowboy b. a cherry pie c. a newspaper d. a hand-held calculator e. a pencil