To maximize its profit, a monopolistically competitive firm
a. takes the price as given and chooses its quantity, just as a competitive firm does.
b. takes the price as given and chooses its quantity, just as a colluding oligopolist does.
c. chooses its quantity and price, just as a competitive firm does.
d. chooses its quantity and price, just as a monopoly does.
d
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Workers compete against workers who have:
A. the exact same type of human capital. B. similar human capital. C. totally different human capital. D. all levels of human capital.
If preferences exhibit the property of transitivity, then
a. the preferences are irrational. b. individuals prefer more government involvement in private markets than do people whose preferences are not transitive. c. preferences change over time more quickly than when preferences are not transitive. d. preferences satisfy one of the properties assumed to be desirable by Kenneth Arrow in Social Choice and Individual Values.
According to one survey 76 percent of Americans said they were not saving enough for retirement. This example of inconsistency over time
a. is rational behavior. b. likely occurs because saving requires a sacrifice in the present for a reward in the distant future. c. likely occurs because Americans don't care about retirement. d. definitely would not happen if Americans earned a greater return on their investments.
A plan to revitalize the downtown area of a struggling city would fulfill which of the following goals to address poverty and inequality?
A. Safety nets B. Economic development C. Redistribution D. None of these is true.