The demand curve for the product of a monopolistic competitor is
A) downward sloping.
B) horizontal.
C) vertical.
D) unitary elastic.
Answer: A
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In the above figure, if the price is $8 then there is a
A) surplus of 100. B) surplus of 200. C) shortage of 100. D) shortage of 200.
Short-run economic growth comes from:
A. Expanding the production possibilities curve. B. A rightward shift of aggregate supply. C. Increased or more efficient use of existing resources. D. A population decrease which increases output per person.
Which of the following is an advantage of? corporations?
A. Longevity B. Managerial demands C. Simplicity D. Reporting requirements E. Potential for conflict
For the Coase Theorem to work, three conditions must be satisfied: the basic rights must be clearly understood, there must be no impediments to bargaining, and only a few parties are involved.
Answer the following statement true (T) or false (F)