A supply and demand model is a:
A. model that considers only important feedback effects.
B. path-dependent model.
C. model that considers all feedback effects.
D. model that does not consider feedback effects.
Answer: D
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AC is lower in the long run than in the short run because
A. prices often fall, allowing savings on purchases. B. inputs can be combined more efficiently in the long run. C. over time the prices of all inputs tend to decrease. D. AFC falls with output over all ranges of output.
Which of the following statements is true? a. A firm that has monopoly power is a price maker
b. A firm that has monopoly power is a price taker. c. A firm that has monopoly power earns exorbitant profits. d. A firm that has monopoly power has a perfectly elastic demand curve. e. A firm that has monopoly power has a perfectly inelastic demand curve.
Which of the following would not be entered in the GDP?
a. paying for a service b. cleaning your own house c. buying a ticket to a concert d. eating in a restaurant
A monopsonist will pay a wage that:
A. is greater than that in a perfectly competitive labor market. B. is less than that in a perfectly competitive labor market. C. may be greater than, less than, or equal to that in a perfectly competitive labor market, depending on labor supply. D. is the same as that in a perfectly competitive labor market.