Which of the following is NOT a focus of the study of economics?
A. inflation
B. prices in particular markets
C. how individual preferences are formed
D. unemployment
Answer: C
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If a monopolistically competitive seller's marginal cost is $3.56, the firm will increase its output if
A) its marginal revenue is less than $3.56. B) its marginal revenue is equal to $3.56. C) its marginal revenue is more than $3.56. D) average total cost is less than $3.56. E) Both answers A and D are correct.
Using the market shares in the table above, if Big W wants to buy Widgette, the Federal Trade Commission will probably
A) approve the merger because the industry is moderately concentrated and the increase in the Herfindahl-Hirschman index (HHI) is small enough. B) block the merger because the industry is moderately concentrated (HHI between 1,500 and 2,500 ) and the increase in the HHI is too much. C) approve the merger because the industry is highly concentrated (HHI exceeds 2,500 ) but the increase in the HHI is small enough. D) block the merger because the industry is highly concentrated (HHI exceeds 2,500 ) and the increase in the HHI is too much.
Which of the following pieces of information on individual stocks cannot be found in the options section of the financial news?
A) The closing price of the stock B) Open interest C) Option trading volume D) Bid price
For a consumer not bound by the collateral constraint, a reduction in the price of the collateral leads to
A) nothing. B) an increase in current consumption and a decrease in future consumption. C) a decrease in current consumption and no change in future consumption. D) a decrease in current and future consumption.