Compared to perfect competition, monopoly
A. provides less output.
B. charges a higher price.
C. results in higher cost (inefficient) production.
D. All of these responses are correct.
Answer: D
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If good A is a normal good and income increases, the equilibrium price of A ________ and the equilibrium quantity of A ________
A) rises; increases B) rises; decreases C) falls; decreases D) falls; increases
If Crusoe and Friday want to maximize their consumption possibilities,
What will be an ideal response?
Per capita GDP is
A. The sum of consumer goods, investment goods, government services, and net exports. B. The dollar value of GDP divided by total population. C. The value of the factors of production used to produce output in a country. D. A dollar measure of the economic growth rate of a country.
What is one way firms can enforce tie-in sales?
A) One of the goods has no close substitutes. B) contractual arrangements C) information asymmetry D) Any of the above.