A substitute is a good
A) that can be used in place of another good.
B) that is not used in place of another good.
C) of lower quality than another good.
D) of higher quality than another good.
A
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Management gets two numbers (price and quantity) from one decision because
A. the marginal utility of goods is fixed. B. producers use both technical and financial information. C. the demand curve consists of price and quantity pairs. D. the average cost curve has only one low point.
Government intervention is always preferable to doing nothing when reducing the social inefficiencies of monopoly
a. True b. False Indicate whether the statement is true or false
The aggregate demand curve shifts when there are changes in:
A. exogenous spending and the Fed's reaction function. B. exogenous spending and inflation inertia. C. potential output and exogenous spending. D. inflation inertia and aggregate supply shocks.
Using the graph above, what is the difference between purely competitive and pure monopolist output at the industry level?
A. 70 units of output B. 105 units of output C. 35 units of output D. 0 units of output