The representative consumer acts competitively
A) when he or she can haggle for a lower price.
B) when he or she is a price-taker.
C) when he or she is a price-maker.
D) if the consumer is large relative to the size of the market.
B
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If a firm fired one worker and lost 12 units of production and decides to add one more unit of capital, then to remain on the same isoquant what must be TRUE?
A) The MPK of the next unit of capital added equals 12. B) The firm must force the other workers to work more. C) The firm will experience a decline in output. D) The marginal rate of technical substitution is greater than 12.
A shift from D1 to D2 causes equilibrium price to __________ and quantity to __________.
A. rise; rise
B. fall; fall
C. rise; fall
D. fall; rise
How much is the percentage of income received by the highest quintile on line R?
The special-interest effect is significant because:
A. It corrects instances of spillover costs and benefits B. It can contribute to economic inefficiency in the public sector C. Capitalistic economies are based upon the pursuit of self-interest D. It causes quantity demanded to equal quantity supplied in competitive markets