Microeconomics studies the allocation of
A) decision makers.
B) scarce resources.
C) models.
D) unlimited resources.
B
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When the economy is hit by a negative demand shock and the central bank does not respond by changing the autonomous component of monetary policy, then
A) inflation will be lower. B) output will be at its potential. C) output will be lower. D) inflation will not change. E) both A and B.
With full information any contract will lead to production efficiency
Indicate whether the statement is true or false
Given an equal amount of users, if the firm can only set one price, how should the firm price the no-name brand wok?
a. Price low and sell to both the users b. Price high and sell only to the professional chefs c. Price low and sell only to the home users d. All of the above
If price were regulated to be equal to long-run marginal cost, the firm in Figure 13.3 would be:
A. making a zero economic profit. B. losing money. C. making a positive economic profit. D. breaking even.