Compared with a perfectly competitive market with similar cost conditions, a monopolist will have:
a. a higher output and a lower price.
b. a lower output and a lower price.
c. a higher output and a lower price.
d. a lower output and a higher price.
e. equal output and a higher price.
d
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If an area or region meets or exceeds the NAAQS, it is called a(n)
a. air quality control region (AQCR) b. prevention of significant deterioration area c. nonattainment region d. none of the above
A price floor is considered
A) "fair" based only on the fair results view. B) "fair" based only on the fair rules view. C) "unfair" based on both the fair results and fair rules views. D) "unfair" based only on the fair results view. E) "fair" based on the fair results view and on the fair rules view.
Which of the following is an example of moral hazard?
A) I hire you to work in my garden for a fixed fee, and you work hard all day. B) I hire you to work at an hourly rate and you work as slowly as possible. C) You apply for the job only because I pay a fixed wage per day, no matter how much or little you do. D) You agree to be paid by the weed to work in my garden, and then don't work hard.
Which of the following is a key determinant of the price elasticity of supply?
A) the available technology B) the availability of substitutes in production C) the time it takes to change output in response to a change in price D) the slope of the supply curve