A unique feature of an monopolistic industry is:
A. Low barriers to entry
B. Standardized products
C. Diminishing marginal returns
D. Mutual interdependence
D. Mutual interdependence
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_________ tend to be more intervention minded and hence more favorable disposed toward activist stabilization policies.
A. Liberals B. Conservatives C. Politicians D. None of the above is correct.
Production possibilities curves can shift outward but they do not shift inward
Indicate whether the statement is true or false
A market equilibrium:
A. is never socially optimal. B. might not maximize total economic surplus. C. is socially optimal. D. leaves unexploited opportunities for individuals.
In the absence of externalities, which of the following is true of economic efficiency?
a. It occurs where marginal costs of production equal marginal benefits of consumption. b. It occurs where quantity supplied is equal to quantity demanded. c. It maximizes the total net benefits to consumers and producers. d. All of the above. e. None of the above.