Economic models are built with
a. recommendations concerning public policies.
b. facts about the legal system.
c. assumptions.
d. statistical forecasts.
c
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A market in which competition and entry are restricted by the granting of a public franchise, government license, patent, or copyright is called a
A) legal monopoly. B) natural monopoly. C) single-price monopoly. D) price-discriminating monopoly.
A single-price monopoly charges the same price
A) even if the demand curve shifts. B) even if its cost curves shift. C) to all customers for each unit of output they buy. D) at all times, and that price equals the firm's marginal revenue.
Figure 9-1
?
Which of the graphs in Figure 9-1 best illustrates the path of a composite of common stock prices over the long term?
A. (1) B. (2) C. (3) D. (4)
Firms in perfect competition produce the productively efficient output level in the short run and in the long run
Indicate whether the statement is true or false