The natural monopoly in Figure 8.14 wants to produce:
A. Q1.
B. Q2.
C. Q3.
D. Q4.
Answer: B
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The social arrangements that govern the ownership, use, and disposal of property are referred to as
A) the double coincidence of wants. B) capitalism. C) private enterprise. D) property rights.
Why do cartels often break down?
What will be an ideal response?
Which of the following statements is true?
a. Nominal GDP = (price index ? real GDP) ? 100 b. Nominal GDP = (real GDP ? price index) ? 100 c. Real GDP = (price index ? nominal GDP) ? 100 d. Real GDP = (nominal GDP ? price index) ? 100 e. Price index = (real GDP ? nominal GDP) ? 100
The primary problem with estimating elasticity of demand is that:
A. real-world changes in quantity demanded are the result of changes in price only. B. data on the quantities firms sell are unavailable. C. real-world changes in quantity demanded are the result of changes in many variables other than price alone. D. data on the prices firms charge are unavailable.