Which of the following regarding a monopolist is INCORRECT?
A) The monopolist is a single supplier of a good or service.
B) The monopolist constitutes the entire industry.
C) The monopolist produces only goods of highest quality.
D) There are barriers to entry that allow monopoly.
Answer: C
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Why would it be a mistake to treat opportunity costs and explicit monetary costs as identical?
A. Because sometimes the market does not function well. B. Because opportunity costs are different for different goods. C. Because there are trade-offs involved in any decision. D. Because of existence of efficient markets.
Jenny's weekly income increases from $500 to $650. As a result, she goes out for dinner one day a week instead of one day every other week. What is Jenny's income elasticity of demand for restaurant dinners?
What will be an ideal response?
The rationality assumption states that
A) all actions taken by consumers are based on what is good for society. B) people make decisions regardless of how the outcome will affect them. C) people make decisions to buy only those goods that they need rather than goods that they want. D) people do not intentionally make decisions that would leave them worse off.
When unplanned inventory changes are positive, GDP is current at its equilibrium level
a. True b. False