If as the variable on the Y-axis falls the variable on the X-axis rises, the relationship between X and Y is said to be a negative relationship.
Answer the following statement true (T) or false (F)
True
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Which of the following statements explains why monopolies weaken the functioning of the invisible hand?
A) A monopoly is a price taker. B) The quantity produced by a monopoly is too low. C) Monopolies face an upward sloping demand curve. D) A monopoly sets the price of its good below marginal costs.
As a result of the bargaining advantages enjoyed by bureaus, they will generally have budgets that are ____
a. are larger than optimal b. are smaller than optimal c. optimal d. unable to be characterized in a general manner
Which of the following does not illustrate opportunity cost?
a. If I study, I must give up going to the football game. b. If I buy a computer, I must do without a 35" television. c. If I spend more on clothes, I must spend less on food. d. All of these illustrate opportunity cost.
The figure below shows the domestic demand (Dd) and domestic supply (Sd) curves of mopeds in a country before an import quota is imposed by the government. After the imposition of the quota, the maximum import quantity is QQ.
After the quota is imposed by the government, the domestic producers
A. gain $27.5 million. B. gain $42.5 million. C. lose $2.5 million. D. lose $45 million.