Compared to businesses with market power, businesses in perfect competition will charge __________ prices and sell __________ output.
A. higher; less
B. higher; more
C. lower; less
D. lower; more
Answer: D
You might also like to view...
The above figure shows the demand curve for movie rentals from Redbox. At which of the following prices does Redbox have the maximum total revenue?
A) $5.00 B) $3.50 C) $2.50 D) $0.00
In the rational expectations model, government control over aggregate demand
a. can affect real output only if policies are unexpected. b. has potential to change real output as long as aggregate supply is vertical. c. gives it the ability to change real output and employment. d. does not influence the economic behavior of individuals.
A change in the interest rate changes the demand for loanable funds.
Answer the following statement true (T) or false (F)
When a local casino spends millions in TV ads convincing town residents to reject another casino's bid to operate in the area, the most that the casino would be willing to spend is:
A. the producer surplus gained by being a monopoly. B. the consumer surplus gained by being a monopoly. C. deadweight loss. D. total economic surplus.