FINAL EXAM OF ECO SOLUTION

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A purely competitive firm's output is such that its marginal cost is $4 and marginal revenue is $5. Hint: remember that MR = P for Pure Competition and the Profit Maximizing rule. Assuming profit maximization, the firm should (Points : 4)

      

Question 7. 7.

(TCO 6) a) Explain the tools used to pursue expansionary and contractionary fiscal policy.  During which phases of the business cycle would each be appropriate?  b) Explain what is meant by a built-in stabilizer and give two examples.

(Points : 40)

      
      

 

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