Each of the following is an inferior good except
A. rice.
B. potatoes.
C. beans.
D. Filet Mignon steak.
D. Filet Mignon steak.
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In monopolistic competition, in the long run customers pay a price that is
A) less than the minimum ATC. B) more than the minimum ATC. C) equal to both the minimum ATC and the minimum AVC. D) equal to the minimum ATC, but not equal to the minimum AVC.
If entry-restricting legal barriers effectively organized the funeral home industry of a large city into a monopoly cartel, economic theory indicates that, compared to the previously competitive situation,
a. the price of funeral services would decline, and output would increase. b. both the price and output of funeral services would decline. c. the price of funeral services would increase, and output would decline. d. both the price and output of funeral services would increase.
The curve that shows the relationship between the price of a good and the quantity that consumers are willing to purchase at each price is the
a. supply curve. b. demand curve. c. production possibilities curve. d. consumption curve.
Demand for products such as insulin, cancer drugs, and tobacco is usually inelastic.
a. true b. false