Entry barriers are most significant in
A. pure competition.
B. oligopoly.
C. monopolistic competition.
D. pure monopoly.
Answer: D
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An example of a market subject to adverse selection would be:
A. the used car market. B. the insurance market. C. the financial market. D. All of these statements are true.
Economists determine what consumers can afford using a budget constraint line shown on a line graph where the horizontal axis shows _________________ and the vertical axis shows __________________.
a. the quantity of one good/the quantity of another good b. utils/total utility c. the quantity of available goods/the amount of money the consumer has to spend d. the amount of money the consumer has to spend/total utility
Zero profit in the economic sense means that firms are earning a normal rate of return
a. True b. False Indicate whether the statement is true or false
If profit per unit equals (price ? cost per unit) and costs are temporarily fixed, then the aggregate supply curve will have
A. a basic “U” shape. B. a negative slope. C. a positive slope. D. All of these responses are correct.