Most private turnpikes failed to earn profits because
a. tolls were easily avoided.
b. it was too costly to carry freight by land carriage.
c. they faced extensive competition from steamboats, canals and railroads.
d. dishonest gatekeepers often pocketed the tolls collected.
e. All of the above.
e. All of the above.
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Utility is:
A. a quantitative measure of consumers’ preferences. B. an objective measure of a person’s happiness. C. as difficult to measure as an individual's income level. D. a meaningful number measuring a consumer’s precise level of satisfaction.
An important difference between a perfectly competitive firm and a monopolist is that
a. the perfectly competitive firm tends to be larger b. only the monopolist attempts to maximize profit c. only the perfectly competitive firm maximizes profit d. the perfectly competitive firm faces a horizontal demand curve and the monopolist faces a downward-sloping demand curve e. only the monopolist maximizes profit at the quantity where marginal cost equals marginal revenue
After a binding price floor becomes effective, a
a. smaller quantity of the good is bought and sold. b. a larger quantity of the good is demanded. c. a smaller quantity of the good is supplied. d. All of the above are correct.
The U.S. has a mixed economy because
A. the government helps in answering the three basic questions of economics: what, how and for whom. B. the laissez faire market system lacks government intervention. C. all goods and services are provided privately. D. the central planning body makes all market decisions.