Consider an unregulated monopoly in Figure 13.2. If we look at the firm's long-run average cost, the firm is exhibiting:
A. diseconomies of scale.
B. diminishing returns.
C. economies of scale.
D. increasing returns.
Answer: C
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Which of the following people is least likely to clip store coupons?
a. a retired person b. an unemployed person c. a low-income worker d. a high-priced consultant e. a graduate student on summer break
A rise in aggregate expenditure is always
a. smaller than the rise in income that causes it b. larger than the rise in income that causes it c. the same as the rise in income that causes it d. smaller than the increase in consumer spending that causes it e. smaller than investment spending
Which of the following features is characteristic of monopolistic competition?
a. many large producers b. homogeneous products c. differentiated products d. No individual producer has any influence on the market price.
Which of the following will NOT shift the MRP curve for labor?
A. a change in the demand for the product being produced
B. a change in the wage rate in the market
C.
| a change in the price of the product being sold |
D. a change in the productivity of labor