Price increases will ________ a household's choice set.
A. decrease
B. increase
C. not change
D. sometimes increase and other times decrease
Answer: A
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Which of the following is a determinant of consumer demand?
A) expectation of the future relative price of a product B) taxes imposed on firms that sell the product C) cost of inputs used to produce the product D) number of firms that produce the product
According to the U.S. Supreme Court's 1945 ruling on Alcoa,
a. all monopolies are illegal b. price fixing agreements are illegal under the rule of reason c. small firms can be found to be in violation of the Sherman Antitrust Act d. "mere size is no offense." e. possession of market power is sufficient for a firm to be found in violation of the Sherman Antitrust Act
The opportunity cost of any activity can be measured by the
a. value of the best alternative to that activity b. price (or monetary costs) of the activity c. level of technology d. time needed to select among various alternatives e. fringe benefits associated with the activity
Benefits of a project
A. can change over time. B. can be difficult to measure. C. should be larger than costs. D. are sometimes intangible. E. all of these answer options are correct.