A video available on a Web site that allows free download is a ________
A) private good
B) public good
C) club good
D) common pool resource
B
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A price-taker faces a demand curve that is:
A. upward sloping. B. horizontal at the market price. C. downward sloping. D. vertical at the market price.
In the long run, a firm in monopolistic competition has its price equal to ________ and also has its price ________
A) marginal cost; exceeding its average total cost. B) marginal cost; equal to its average total cost C) average total cost; exceeds its marginal cost D) average total cost; less than its marginal cost
Deadweight loss exists when a firm with market power restricts what to increase the price?
a. costs b. allocative efficiency c. output d. none of the above cause the price to increase
When the possibility for strongly efficient contracts occurs, what will happen?
A. Isoprofit lines must be horizontal. B. The union and firm negotiate over the wage level but not over the employment level. C. The labor demand curve must be vertical. D. Isoprofit lines are parabolas that open upward. E. The union and firm negotiate over the employment level but not over the wage.