Advertising serves no productive purpose and is thus welfare decreasing.
Answer the following statement true (T) or false (F)
False
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The United States tends to export
A) only a narrow range of products such as wheat. B) a wide set of products, primarily manufactured goods. C) very little. D) None of the above.
The distinguishing characteristic of private goods is that
A) the principle of rival consumption does not apply to them. B) their use is exclusive to the people who purchase them. C) they can be sold but not rented. D) they can be sold or rented, but not borrowed.
Which of the following is not true of monopolists?
a. The entry of new firms is not a major concern. b. Monopolists seek to maximize profits. c. Monopolists can charge any price they want and make a profit. d. Monopolists can choose any point on the market demand curve. e. Monopolists can raise price more than 10 percent.
Efficiency and equity are synonymous.
Answer the following statement true (T) or false (F)