Scarcity implies that people must
A) be miserable.
B) be selfish.
C) make choices.
D) not be selfish.
C) make choices.
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The price elasticity of demand for a monopolist
A) is infinite since the monopolist is the only firm in the market. B) decreases as more competition occurs in the market. C) increases as similar products enter the market. D) is undefined due to the lack of competition.
The demand for cake decorators has no relationship to the demand for cakes
a. True b. False Indicate whether the statement is true or false
Moving production from a high-cost producer to a low-cost producer will
a. lower total surplus. b. raise total surplus. c. lower producer surplus. d. raise producer surplus but lower consumer surplus.
An equilibrium occurs in a game when
a. price equals marginal cost. b. quantity supplied equals quantity demanded. c. all independent strategies counterbalance all dominant strategies. d. all players follow a strategy that they have no incentive to change.