Which of the following was a Marxist prediction?
A. Standards of living would increase because of improved productivity and technological advance.
B. There would be significant differentiation between workers and owners of factories.
C. Production would move from large to ever-smaller factories.
D. The use of business power would increase competition.
Answer: B
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Assume that the demand curve for DVD players shifts to the left and the supply curve for DVD players shifts to the right, but the supply curve shifts less than the demand curve. As a result
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase. D) the equilibrium price of DVD players will decrease; the equilibrium quantity will increase.
If a person's indifference curves can be represented as a straight line, the person views the goods as
a. perfect substitutes b. perfect complements c. complements (but not perfect) d. substitutes (but not perfect)
In a perfectly competitive market, if the market price is less than ATC, and the market price equals the MC, then the firm should:
A.) Result in an increase in profits B.) Result in a loss of income C.) Result in a growth of the industry D.) Result in more sellers entering the market
Which does not necessarily apply to a pure monopoly?
A. The firm must be the sole producer of a product. B. Entry must be blocked. C. The firm must earn economic profits. D. The product the firm produces must have no close substitutes.