Relative-price variability is "automatic" when
a. firms change prices only once in a while.
b. firms change prices often.
c. people increase the frequency of their trips to the bank.
d. people decrease the frequency of their trips to the bank.
a
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The additional benefit that Marvin gets from being vaccinated against the flu is known as the
A) external benefit. B) marginal private benefit. C) private cost. D) social cost. E) marginal social benefit.
In monopolistic competition, there are ________
A) many firms selling products for which no good substitutes exist B) many firms selling similar but slightly different products C) many firms, each selling an identical product D) a small number of firms, each selling an identical product
If a monopolist engages in first-degree price discrimination, it will produce the same output level as a perfectly competitive industry
Indicate whether the statement is true or false
In the short-run, a firm's decision to shut-down should not include
a. Avoidable costs b. Variable costs c. Fixed costs d. Marginal costs