Which of the following is an example of a hidden characteristic?
A) After purchasing life insurance, Billy joins the bomb squad.
B) Only the owner knows about her car defects.
C) Bobby let his employer know about his college degree.
D) Sally provides her driving record to the car insurance company.
B
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If the market was a monopoly, the quantity would be ________ and the price would be ________; if the market tis perfectly competitive, the quantity would be ________ and the price would be ________
A) Q1; P1; Q2; P2 B) Q2; P1; Q1; P2 C) Q1; P1; Q2; P1 D) Q1; P2; Q2; P1 E) Q1; P2; Q1; P1
Which of the following countries experienced hyperinflation during the 1920s?
A) The United States B) Canada C) Germany D) England
The marginal utilities associated with the first 4 units of consumption of good Y are 10, 12, 9, and 7, respectively. What is the total utility associated with the third unit?
a. 3. b. 9. c. 25. d. 31. e. The amount cannot be determined from the marginal utilities.
A price floor keeps a price:
a. from rising above a certain level. b. from decreasing below a certain level. c. at a stabilized point. d. from increasing or decreasing.