In the long run the prices charged by a firm in monopolistic competition will be
a. high enough to provide profits to the firm.
b. so low that many firms will drop out of the industry.
c. equal to marginal cost.
d. equal to average cost, including the opportunity cost of capital.
d
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Leontief showed that U.S. exports were capital intensive relative to U.S. imports
Indicate whether the statement is true or false
In calculating the unemployment rate, part-time workers are:
A. included in the labor force but not the unemployment rate. B. counted as unemployed because they are not working full time. C. counted as employed because they are receiving payment for work. D. excluded from the labor force because they are not actively seeking employment.
The optimal quantity of a negative externality is zero if:
A. it is costly for people to negotiate with each other. B. it imposes a high enough cost on society. C. the marginal cost of reducing the externality is zero. D. the majority of voters decide to eliminate the externality.
Refer to the information provided in Figure 6.14 below to answer the question(s) that follow.
Figure 6.14Refer to Figure 6.14. Jason maximizes utility at point
A. A. B. B. C. C. D. D.