A government-owned monopoly is more likely to:
A. provide output at a lower price than a private one.
B. provide a greater quantity of output than a private one.
C. serve public interest than maximize profit.
D. All of these statements are true.
Answer: D
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The wealth effect is another term for the
A) the interest rate effect. B) the real-balance effect. C) substitution effect. D) the indirect effect.
Which of these is not a valid reason for government intervention into mutually beneficial exchange?
a. The market system might not function at all without government protecting certain rights b. The market system produces an efficient outcome that the majority does not like c. The government might be able to undertake some activities more efficiently than the market outcome. d. The market allocation might be viewed as inequitable, so redistribution might be desired to achieve equity goals.
Long-run average cost is never greater than short-run average cost because in the long run,
A) capital costs equal zero. B) the firm can move to the lowest possible isocost curve. C) wages always increase over time. D) wages always decrease over time.
A perfectly inelastic demand curve exhibits
A. zero responsiveness to changes in price. B. a change in quantity demanded that is proportional to the change in price. C. a change in quantity demanded that is always twenty percent of the change in price. D. zero quantity demanded when there is a slight change in price.