On the cost side of the profit equation, a pure monopolist does not differ from a perfect competitor.
Answer the following statement true (T) or false (F)
True
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Which of the following is true? i) A rational choice is made on the margin. ii) Microeconomics is the study of the national economy while macroeconomics is the study of the global economy. iii) Economists try to understand how the economic world works by testing normative statements.
A. Only ii B. i and ii C. Only iii D. i and iii E. Only i
Supposed you are hired to be a checker at a local grocery store. After ninety days of probation you become a member of the union. As a result you feel more secure about your job and work harder to be part of the team
This is a benefit of union membership that A) increases demand for union-made goods. B) decreases the demand for nonunion-made goods. C) increases worker productivity of union members. D) increases union dues.
If the percentage change in quantity supplied is 0%, and the percentage change in price is 10%, then the supply for the good is
A. unit elastic. B. perfectly inelastic. C. inelastic. D. elastic.
Refer to the information provided in Figure 13.1 below to answer the question that follows.
Figure 13.1Refer to Figure 13.1. Of the following choices, Panel B best represents the demand curve for
A. an individual producer of soybeans. B. insulin. C. a utility company. D. Samsung televisions.