A model in which individual producers act as price setters, because there are only a few sellers and the product they sell is not standardized, is called
A) imperfect competition.
B) perfect competition.
C) monopoly.
D) monopsony.
A
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A professor changes the penalty for cheating on exams from getting a 0 on the exam to getting an F in the course. The professor has
A) decreased the marginal benefit of cheating. B) recognized that students don't make rational choices. C) increased the marginal cost of cheating. D) made all the students act in the social interest. E) recognized that students don't respond to incentives.
An increase in the price of gasoline will cause a(n)
a. an increase in the quantity of gasoline demanded b. decrease in the quantity of gasoline demanded c. no change in the quantity of gasoline demanded d. increase in the demand for gasoline e. decrease in the demand for gasoline
Private goods are both
a. excludable and nonrival in consumption. b. nonexcludable and rival in consumption. c. excludable and rival in consumption. d. nonexcludable and nonrival consumption.
An economy's resources:
A. can always be overutilized. B. can never be overutilized. C. can be overutilized, but only temporarily. D. are always fully employed.