In the Baumol model, the total quantity sold will usually be larger than
A) if perfect competition prevailed.
B) if total costs were minimized.
C) if profit were maximized.
D) if companies were interdependent.
C
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Perfect competition
A) has many sellers. B) homogenous products. C) free entry and exit. D) all of these choices.
Economics is best defined as the study of:
A. whether we will have enough resources in the future. B. choice in the face of limited resources. C. the financial concerns of businesses and individuals. D. the role of government in limiting the choices people make.
An tax on imported commodities is known as a(n):
Quota Tariff Export restriction Price
If two factors of production are substitutes in production, then a decrease in plant size will make the total product curve
a. higher and steeper. b. lower and steeper. c. higher and more shallow. d. lower and more shallow.