Have Malthus' predictions about population growth come TRUE?
A. yes, as evidenced by the famine and food shortages affecting every nation today
B. Yes. The world's food supply, measured by calories per person, continues to fall.
C. no, because modern birth control has limited population growth in all nations
D. no, because the world's food supply has grown much more rapidly than Malthus foresaw
Answer: D
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A monopolistically competitive market is described as one in which there are
A) a large number of firms selling similar, but not identical, products. B) one large firm and many small firms producing identical products. C) a few firms producing an identical product. D) a few firms producing differentiated products.
If a good has perfectly inelastic demand,
a. an infinite amount could be sold without a change in price b. the same amount would be purchased regardless of price c. any price change is matched by an equal percentage change in quantity demanded d. total revenue remains unchanged if the price rises or falls
The combination of two goods at which total utility is maximized must lie somewhere on the consumer's budget line
a. True b. False
A monopolist's goal is to maximize
a. costs b. sales c. profit d. market power e. price