Which of the following explains why private employees (more frequently than public employees) tend be in defined contribution program?
A. They tend to fall for Ponzi schemes.
B. They have well-funded private savings plans.
C. They tend to begin and end their career with the same employer.
D. They tend to move from employer to employer.
Answer: D
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A perfectly competitive firm is producing at the point where its marginal cost equals its marginal revenue. If the firm boosts its output, its total revenue will
A) rise and its total variable cost will rise even more. B) rise and its total variable cost will rise, but not by as much. C) fall but its total variable cost will rise. D) fall and its total variable cost will fall, but not by as much.
In the short-run, we assume that the money prices of goods and services are
A) temporarily fixed. B) permanently fixed. C) allowed to fluctuate. D) equal to long-run prices. E) fully employed.
What is the effect on the consumer of a firm having a monopoly on a particular product the consumer needs?
a. The consumer will pay a lower price for the product because the company can only produce as many units as it can sell. b. The consumer will pay a lower price for the product because the company must price products well to keep competitors out of the market. c. The consumer will have to pay a higher price for the product because costs rise as competitors enter the market. d. The consumer will have to pay a higher price for the product than if there were competition for producers.
In Figure 5-2, compare demand curve D between points F and G to demand curve D' between points J and K. Which of the following statements is correct?
Figure 5-2
a.
Both demand curves have the same slope, but D' is more elastic in the $2 to $3 range.
b.
Both demand curves have the same slope, but D' is less elastic in the $2 to $3 range.
c.
Both demand curves have the same price elasticity of demand, but D' has a larger slope.
d.
Both demand curves have the same price elasticity of demand, but D' has a smaller slope.
e.
Both demand curves have the same slope and the same value for the price elasticity of demand.