A firm in monopolistic competition can determine what price to charge for its product because of
A) barriers to entry.
B) economies of scale.
C) product differentiation.
D) the fact there are many buyers.
C
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The field of political economy:
A. examines the economic consequences of free markets. B. examines the economic consequences of public sector decision making. C. examines the economic consequences of private sector decision making. D. examines the labor market.
In the above figure, what is total cost at the profit-maximizing point?
A) $182 B) $126 C) $112 D) $170
A plan to revitalize the downtown area of a struggling city would fulfill which of the following goals to address poverty and inequality?
A. Economic development B. Safety nets C. Redistribution D. None of these is true.
One popular definition of economics is the study of
a. how scarcity increases opportunities to meet ends. b. how markets overcome scarcity. c. one goal and three tasks. d. how to use limited means to meet unlimited wants. e. wants versus needs.