A monopoly is
A) a price taker.
B) able to ignore the demand for its product when setting its price.
C) able to set the price for its product.
D) able to earn only a normal profit in the long run.
E) a firm with no marginal revenue curve.
C
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The fact that individuals whose credit worthiness is less than it appears to be are those who are most willing to borrow funds at any given interest rate is an example of
A) moral bonuses. B) diverse origins. C) symmetric information. D) adverse selection.
A short-run decrease in real GDP will
a. increase the price of non-labor inputs, increase input requirements per unit of output, and increase the price level b. increase the price of non-labor inputs, decrease input requirements per unit of output, and decrease the price level c. decrease the price of non-labor inputs, decrease input requirements per unit of output, and decrease the price level d. increase the price of non-labor inputs, decrease input requirements per unit of output, and increase the price level e. decrease the price of non-labor inputs, increase input requirements per unit of output, and increase the price level
A buyer is said to have a demand for a good only when
A. The buyer is not willing to buy the good and does not have enough income to purchase the good. B. The buyer has the income but the good is not preferred. C. The buyer is both willing and able to purchase the good. D. An adequate supply of the good is available for purchase.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point E to Point A, the opportunity cost of hybrid cars, measured in terms of motorcycles
A. increases. B. initially increases, then decreases. C. decreases. D. remains constant.