A monopoly will always produce less than a purely competitive industry, ceteris paribus
a. true b. false
b
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At the market equilibrium, when efficiency is attained, the marginal benefit ________ the marginal cost
A) is equal to B) is greater than C) is less than D) has no necessary relationship with E) is equal to the marginal deadweight loss which is equal to
For the past year, Teddy has had a part-time job at which he is willing to work 10 hours each week. During Teddy's annual review, his boss grants him an 8 percent increase in his wage
As a result of the wage increase, Teddy is now willing to work 15 hours each week. Teddy's opportunity cost of ________ has risen and because for Teddy the substitution effect of the wage hike is ________ than the income effect. A) work; greater B) work; less C) leisure; greater D) leisure; less
A country devaluing its currency reduces the official value of its currency
a. True b. False Indicate whether the statement is true or false
If the cross-price elasticity of two goods is positive, then the two goods are
a. substitutes. b. complements. c. normal goods. d. inferior goods.