In the short-run, a monopoly is most likely to achieve
a. An average rate of return
b. Above average profits
c. Economic Profits
d. Both B&C
d
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What is pure rent?
What will be an ideal response?
The price of services at Urban General falls by 10 percent
a. Quantity demanded at Urban General increases by 15.0 percent. b. Quantity demanded at Urban General increases by 1.5 percent. c. Quantity demanded at St.Elsewhere rises by 3.5 percent. d. Quantity demanded at St.Elsewhere falls by 5.0 percent. e. Quantity demanded at Urban General rises by 5.0 percent.
One problem with the effectiveness of Pigovian taxes is:
A. knowing whether to impose it on the consumer or producer. B. knowing what the value of the tax should be. C. identifying those who are affected by the externality. D. none of these are problems.
Which of the following is a property of a forward contract?
a. In a forward contract cash is traded for immediate delivery. b. The buyer of a forward contract is "short" while the seller of the contract is "long". c. In a forward contract, the seller must own the commodity which is being traded. d. The value of future delivery depends on the market price of the commodity.