Between 1968 and 2008 the percentage share of income that went to the top quintile
A. fell substantially.
B. fell somewhat.
C. stayed about the same.
D. rose substantially.
D. rose substantially.
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Compared to a perfectly competitive industry, a single-price monopoly with the same costs will
A) create less consumer surplus. B) create less economic profit. C) create a deadweight loss. D) Both answers A and C are correct.
Suppose there is a tornado that levels a city. As rebuilding begins, how might you analyze this effect in the market for lumber?
A. The demand for lumber would increase, increasing both the equilibrium price and quantity. B. The supply of lumber would increase, decreasing the equilibrium price and increasing the equilibrium quantity. C. The demand for lumber would increase, decreasing the equilibrium price and increasing the equilibrium quantity. D. The supply of lumber would decrease, increasing the equilibrium price and decreasing the equilibrium quantity.
Summing all of the costs that do NOT change as output varies yields
A. fixed costs. B. implicit costs. C. explicit costs. D. variable costs.
In order to prove that Motrin and Ibuprofen are substitutes, one should measure the ________ and get a ________
A) price elasticity of demand; number greater than 1 (in absolute value) B) cross-price elasticity; positive number C) cross-price elasticity; negative number D) price elasticity of demand; number less than 1 (in absolute value)