Car companies build wind tunnels to test the aerodynamics and the handling capabilities of their car designs. The many variables that can be precisely controlled inside the wind tunnel are considered:
a. normative factors.
b. positive factors.
c. comparative factors.
d. endogenous factors.
e. exogenous factors.
Answer: d. endogenous factors.
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A closed economy is one in which exports and imports constitute a large share of GDP.
Answer the following statement true (T) or false (F)
If the marginal cost of producing hair styling decreases, then the efficient quantity of hair stylings to produce ________
A) depends on the marginal benefit B) remains the same C) decreases D) increases
A monopolized market is characterized by:
a. a sole seller of a product for which there are few suitable substitutes. b. very strong barriers to entry. c. a single firm facing the market demand curve. d. all of these.
The demand curve for a monopoly is:
a. the MC curve above the AVC curve. b. the MR curve above the horizontal axis. c. also the industry demand curve. d. identical to the MR curve.