If this is a closed economy, the price of a TV will be ________. 
A. $75
B. $275
C. $125
D. $175
Answer: D
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The monopolist often charges its customers _______ prices and provides ________ service than it would if it had competitors.
A. higher; better B. higher; poorer C. lower; better D. lower; poorer
What is productive efficiency?
A) a situation in which resources are allocated to their highest profit use B) a situation in which resources are allocated such that goods can be produced at their lowest possible average cost C) a situation in which resources are allocated such the last unit of output produced provides a marginal benefit to consumers equal to the marginal cost of producing it D) a situation in which firms produce as much as possible
Specialization is another word for
A) pursuing one's comparative advantage. B) the division of labor. C) producing at a comparably lower opportunity cost. D) all of the above. E) none of the above.
Tying salaries of top managers to the profits of the firm is a way to reduce the effect of the principal-agent problem
Indicate whether the statement is true or false