When marginal revenue is positive, demand is:
A. unit elastic.
B. elastic.
C. inelastic.
D. There is not sufficient information to classify the elasticity of demand.
Answer: B
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People seldom break a line while waiting for checkout in a supermarket. This is an example of a ________ to solve an externality
A) Coasian approach B) Pigouvian approach C) command and control mechanism D) social enforcement mechanism
Which of the following can be said about a monopoly?
A. Monopolies are always inefficient and are therefore the least desirable form of market. B. They can cause a shift in the demand curve to benefit society. C. They may aid in innovation. D. All of these responses are correct.
A principal objective of the World Trade Organization is to
A. Assist in retraining workers displaced by imports. B. Equalize income tax structures in various countries. C. Reduce barriers to trade. D. Protect import-competing producers.
The basic concern of economics is to:
A) keep business firms from losing money. B) prove that capitalism is better than socialism. C) study the choices people make. D) use unlimited resources to produce goods and services to satisfy limited wants.