In economics, ________ are limited but ________ are unlimited.
A) wants; resources
B) resources; wants
C) money; ideas
D) ideas; money
Ans: B) resources; wants
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MSB equals
A) MC + the marginal external cost. B) MC + the marginal external benefit. C) MB + the marginal external cost. D) MB + the marginal external benefit. E) MB + MC.
The buyer of a put option on Boeing with a strike price of $75 and an expiration date in November 2003 has the
A) right to buy 100 shares of Boeing at $75 on or before November 1999. B) right to sell 100 shares of Boeing at $75 on or before November 1999. C) right to buy 100 shares of Boeing at $75 on or after November 1999. D) right to sell 100 shares of Boeing at $75 on or after November 1999.
The entry of an additional firm into a market decreases the profit per unit of output because entry decreases the price.
Answer the following statement true (T) or false (F)
In Figure 5.1, what output would a perfect competitor produce? 
A. Q1 B. Q2 C. Q3 D. Q4