Which statement is true?
A. Monopoly will result in a higher price and a larger output than pure competition.
B. Monopolistic competition will result in a lower price and a lower output than pure competition.
C. Monopoly will result in a higher price and a larger output than monopolistic competition.
D. Pure competition will result in a lower price and a higher output than monopolistic competition.
Answer: D
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Many middle-to-older-aged men now claim they "need" Viagra (the male impotency wonder drug) for an enjoyable sex life. The economic way of thinking predicts
A) more men would be likely to claim they need Viagra if the price per pill were much lower (say two cents each) compared to the current price. B) fewer men would be likely to claim they need Viagra if the price per pill were much higher (say, two hundred dollars each) compared to the current price. C) other things constant, more prescriptions would be written if the price of Viagra falls significantly. D) other things constant, fewer prescriptions would be written if the price of Viagra rises significantly. E) all of the above are true.
Contrary to most thinking, governments play ____ in causing pollution.
A. almost no role B. a large but decreasing role C. a major role D. a reconstructive role
Which of the following has not occurred in the United States over the last two decades?
A. A fall in real wages B. An increase in labor-force participation C. Growth in service sector employment D. A decrease in the wage differentials between colleges grads noncollege grads.
Contractionary monetary policy in a flexible exchange rate regime will cause
A) a shift of the IP curve. B) a depreciation of the domestic currency. C) an increase in E. D) no change in E.