Scarcity raises both price and marginal utility but generally reduces total utility.
Answer the following statement true (T) or false (F)
True
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During early 2001, the Fed unexpectedly increased the money supply. The effect of this policy was a
A) downward shift of the short-run Phillips curve. B) rightward shift of the long-run Phillips curve. C) upward shift of the short-run Phillips curve. D) movement upward along the short-run Phillips curve. E) movement downward along the short-run Phillips curve.
Fill in the blank: Other things constant, the introduction of generic (non-brand name) drugs on the market tends to ________ the price elasticity of demand for brand name drugs
A) increase B) decrease C) leave unchanged D) alter for the better
Refer to Figure 15-15. Erickson Power is a natural monopoly because
A) average total cost is still declining when it intersects demand. B) of its continually declining marginal revenue curve as output rises. C) it is a power company and all power companies are natural monopolies. D) its marginal cost lies entirely below its long-run average cost.
The expected value is a measure of
A) risk. B) variability. C) uncertainty. D) central tendency.