The figure above shows the demand and cost curves for a single-price monopoly. The firm will produce ________ units and set a price of ________ per unit
A) 15; $20
B) 10; $20
C) 10; $30
D) None of the above answers is correct.
C
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If all prices fall and it is observed that Betty purchases more bananas, which of the following statements can be made?
a. Betty purchases more bananas as the price of bananas falls, ceteris paribus. b. Betty purchases more of all goods as their prices fall, ceteris paribus. c. Betty prefers bananas to all other fruits, ceteris paribus. d. There is no ceteris paribus condition in this statement. e. Betty will always buy more bananas when all prices fall, ceteris paribus.
Which of the following often allows a landlord to raise the rent for a rent-controlled apartment?
a. improvements made to the apartment b. crime increase in the apartment’s neighborhood c. the landlord going into debt d. an occupant moving out
Normative economics:
A. is the focus of most modern economic reasoning. B. answers the question "What ought to be?" C. predicts the consequences of alternative actions. D. answers the question "What is?"
Generally speaking, income inequality is
A) higher in Europe than in the United States. B) higher in the United States than in most of the developing world. C) extremely high and does not vary much between nations in the developing world. D) higher in the developing world than in the developed world.