An example of financial capital is
A) bonds.
B) computers.
C) the talents of a highly paid movie star.
D) machines.
E) buildings.
A
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As long as there is asymmetric information among consumers and positive search cost, if price is below the monopoly price and the same across all firms, then a competitive firm
A) can always profit from raising its price. B) can always profit from lowering its price. C) can profit from raising its price but by no more than the search cost. D) can profit from lowering its price but by no more than the search cost.
Under a laissez-faire system,
A. government coordinates with firms to determine output and prices for goods and services. B. input-output analysis is used by planning agencies to determine output levels. C. the demand and supply process determines output and prices of goods and services. D. firms coordinate with each other to determine output and price levels for goods and services.
The supply of a resource, such as oil, is likely to be
a. equally elastic in both the short and long run. b. more elastic in the long run than in the short run. c. more elastic in the short run than in the long run. d. determined by the demand for the resource.
Which of the following will cause a decrease in producer surplus?
a. the imposition of a binding price ceiling in the market b. an increase in the number of buyers of the good c. income increases and buyers consider the good to be normal d. the price of a complement decreases