The wealth effect on consumer spending is
A) about the same as the effect on plant and equipment expenditure.
B) about the same as the effect on residential construction.
C) less than the effect on plant and equipment expenditure.
D) larger than the effect on residential construction.
B
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Human capital:
A. is always increasing. B. can become outdated or deteriorate. C. is better when acquired as an adult. D. All of these are true.
Which statement is true?
A. Monopoly will result in a higher price and a larger output than pure competition. B. Monopolistic competition will result in a lower price and a lower output than pure competition. C. Monopoly will result in a higher price and a larger output than monopolistic competition. D. Pure competition will result in a lower price and a higher output than monopolistic competition.
The MRT is the quantity of some good that must be sacrificed to acquire one additional unit of another good. At any point, it is the slope of the feasible frontier.
Which of the following regarding a monopolist is INCORRECT?
A. The monopolist constitutes the entire industry. B. There are barriers to entry that allow monopoly. C. The monopolist produces only goods of highest quality. D. The monopolist is a single supplier of a good or service.