When compared to a public housing of the same value, a rent subsidy _____
a. would always make the individual better off
b. would always make the individual worse off
c. would make some individuals better off and some individuals worse off depending upon their preferences
d. has a lower potential for fraud
a
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Which of the following is not generally true about a profit-maximizing monopolist? a. The monopolist faces a perfectly elastic demand curve
b. The monopolist can potentially continue to earn economic profits in the long run. c. The monopolist charges a price that exceeds marginal cost. d. The monopolist chooses output where marginal revenue equals marginal cost.
A price floor set above the equilibrium price is binding
a. True b. False Indicate whether the statement is true or false
Economists refer to this pattern, the ___________________________________, which means that as a person receives more of a good, the additional or marginal utility from each additional unit of the good declines.
A. law of trade-offs B. law of diminishing marginal utility C. production possibilities frontier D. law of increasing marginal utility
"Prices rise when the quantity of money rises rapidly" is an example of a
a. negative economic statement. b. positive economic statement. c. normative economic statement. d. statement that contradicts one of the basic principles of economics.