Monopoly as a market structure leads to
A. prices equal to average cost.
B. quick response to economic change.
C. prices that equal minimum long-run average cost.
D. persistent economic profits.
Answer: D
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As domestic income rises, net exports will tend to
a. fall, since exports remain the same but imports increase. b. rise, since exports remain the same but imports fall. c. fall, since exports are lower and imports remain the same. d. rise, since exports are higher and imports remain the same. e. may either rise or fall, since exports and imports change in opposite directions.
A monopolistically competitive market can also be:
A. an oligopoly. B. a monopoly. C. perfectly competitive market. D. All of the above.
Economists once believed utility could be measured. This school of thought, known as utilitarianism, was developed by the English philosopher
A) Jeremy Bentham. B) Henri Leconte. C) John Lennon. D) Bernard Mandeville.
Refer to the information provided in Table 23.4 below to answer the question(s) that follow.
Table 23.4
Refer to Table 23.4. Society's MPS is
A. 0.1. B. 0.25. C. 0.8. D. 0.9.