What happens to standards of living over time with stagnant economic growth rates?
a. steady growth
b. little change
c. regulatory control
d. notable decrease
b. little change
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Monopolistic competition differs from perfect competition only in the number of firms participating in the market.
Answer the following statement true (T) or false (F)
A positive economic statement such as "Pollution taxes decrease the quantity of pollution firms generate"
a. would likely be made by an economist acting as a policy adviser. b. would require values and data to be evaluated. c. would require data but not values to be evaluated. d. could not be evaluated by economists acting as scientists.
The oligopoly price will be greater than marginal cost but less than the monopoly price when
a. the oligopolists collude by jointly choosing a quantity to produce and maintaining their agreement. b. the oligopolists collude by jointly choosing a price to charge and maintaining their agreement. c. each oligopolist individually chooses a quantity to produce to maximize profit. d. each oligopolist's objective is minimization of average total cost, rather than maximization of profit.
If public goods were marketed like private goods, then
A. People would avoid paying for these goods. B. Public goods would be efficiently produced. C. Market failure would not occur. D. Society would be closer to achieving the optimal mix of output.