Relative to a competitively organized industry, a monopoly is more likely to produce
A. more output, charge higher prices, and earn economic profits.
B. less output, charge lower prices, and earn economic profits.
C. less output, charge lower prices, and earn only a normal profit.
D. less output, charge higher price, and earn economic profits.
Answer: D
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Economies where goods and services are traded directly for other goods and services are called ________ economies.
A) trade B) barter C) direct D) seigniorage
Greater labor force participation for households at higher real wage rate is one reason that
A) the demand for labor curve is upward sloping. B) the demand for labor curve is downward sloping. C) the supply of labor curve is upward sloping. D) the supply of labor curve is downward sloping.
A set of ideas about the economy that have been organized in a logical framework is called
A) empirical analysis. B) a methodology. C) economic theory. D) data development.
A study of expenditures on food in cities resulting in the following equation: Log E = 0.693 Log Y + 0.224 Log N where E is Food Expenditures; Y is total expenditures on goods and services; and N is the size of the family. This evidence implies:
a. that as total expenditures on goods and services rises, food expenditures falls. b. that a one-percent increase in family size increases food expenditures .693%. c. that a one-percent increase in family size increases food expenditures .224%. d. that a one-percent increase in total expenditures increases food expenditures 1%. e. that as family size increases, food expenditures go down.