A benefit of a monopoly is
a. lower prices.
b. a wide variety of similar products.
c. decreasing long-run average total costs.
d. greater creativity by authors who can copyright their novels.
d
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Mel's utility of wealth is 130 units at $3,000, 160 units at $5,000, and 190 units at $9,000. Starting from zero wealth, he must choose between options A and B
Option A gives him $5,000 for sure. Option B gives him $3,000 with probability 0.4 or $9,000 with probability 0.6. Mel A) will choose A. B) will choose B. C) is indifferent between A and B. D) needs more information to make a choice.
In 2014, ________ of the uninsured were younger than age 35
A) about 10 percent B) less than one-third C) over half D) almost 85 percent
Economists have used ________ and ________ in experiments designed to determine whether consumers care about fairness when they make decisions
A) the income effect; the substitution effect B) Giffen goods; luxury goods C) network externalities; the endowment effect D) the ultimatum game; the dictator game
A minimum wage is an example of a
A) price floor. B) price ceiling. C) quantity quota. D) free market equilibrium.