The relationship between the quantity of inputs and the quantity of outputs is called a:
A. production function.
B. profit function.
C. resource function.
D. cost function.
Answer: A
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If this is a closed economy, the price of a TV will be ________. 
A. $75 B. $275 C. $125 D. $175
Describe the relationship illustrated by the Laffer curve
What will be an ideal response?
A single-price monopolist is
a. able to use price discrimination to increase profits b. protected from competition by patents and copyright laws c. one that charges the same price for all units of output d. illegal in the United States e. less efficient than a multi-price monopoly
Some economists argue that competitive price-searcher markets are inefficient because
a. the firms earn economic profits in the long run. b. the firms' marginal costs and marginal revenues are not always equal. c. firms do not produce the output rate that would minimize their average total costs. d. barriers to entry are high.