When compared with a perfectly competitive market with identical costs of production, a pure monopoly will produce ________.
A. more output and charge the same price
B. less output and charge the same price
C. less output and charge a higher price
D. more output and charge a higher price
Answer: C
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Which of the following is not an explanation for the revival in the growth of productivity starting in the mid-1990s?
A) Cell phones and wireless Internet access have increased worker flexibility. B) Internet use has increased the efficiency of how firms buy and sell to each other and to consumers. C) Information and communication innovations are increasingly geared toward improving business processes and not consumer products. D) Faster computers have sped up data processing.
If technological change occurs in the economy
A) we will move up along the long-run aggregate supply curve. B) we will move down along the long-run aggregate supply curve. C) the long-run aggregate supply curve will shift to the right. D) the long-run aggregate supply curve will shift to the left.
Low-income families consume proportionately more of which of the following kinds of goods?
a. Normal goods b. Inferior goods c. Luxury goods d. Substitute goods
Suppose a new pollution tax of $0.01 per kilowatt-hour of electricity is imposed on coal-fired power producers by the federal government. Which of the following correctly describes how this tax will affect the market for electricity served by these power plants?
a. The supply of electricity will increase. b. The supply of electricity will decrease. c. Demand for electricity will increase. d. Demand for electricity will decrease.