In monopolistic competition, product improvement and development
A) are valued by the consumer at an amount equal to the costs the producers have incurred.
B) yields a marginal benefit to the producer equal to price of the good.
C) is less than its efficient amount.
D) None of the above answers are correct.
C
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According to the 1974 Constitution of the former Yugoslavia, nobody in Yugoslavia owns resources. Being a socialist country, the constitution claimed resources were owned by "society" as a whole
If the constitution were fully enforced, resources would tend to be A) used for the common good. B) used without greed and materialistic interests. C) free from the constraints of scarcity. D) underpriced.
In San Francisco there are many restaurants that specialize in a wide variety of cuisines. Patronage at these restaurants is influenced by factors such as tastes, price, and location. This market is
A) monopolistically competitive. B) oligopolistic. C) monopolistic. D) perfectly competitive.
An industry where the capital-labor ratio is relatively high is characterized as
A. capital intensive. B. labor intensive. C. income intensive. D. market intensive.
_____ is the understanding that perfect information is not likely to be available, and that as a result, people make decisions that in hindsight look irrational, but in reality are the rational results of a brain that is economizing
a. Reasoning b. Parametric determinism c. Rational ignorance d. Bounded rationality e. Dynamic inconsistency