An increase in the interest rate today leading to a decrease in consumption today violates the law of demand
a. True
b. False
Indicate whether the statement is true or false
False
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A perfectly competitive firm acts as a ___________, so it calculates total revenue by multiplying the given market price by the quantity of output the firm chooses.
a. natural monopoly b. price taker c. technological monopoly d. drag on the market
According to recent public opinion polls, what percentage of Americans are satisfied with the quality of the medical care they receive?
a. 40 percent b. 80 percent c. 15 percent d. 70 percent e. 60 percent
Which of the following statements is TRUE of external costs?
A) External costs should not be corrected since people will bear the costs whether they are corrected or not. B) There are no good ways to correct for the external costs. C) When external costs exist, the price of the good will be deceptively low leading to an overallocation of resources. D) External costs should only be corrected for if the correction will not increase the market price.
Monopolists attempt to capture producer surplus in the form of profits by using price discrimination.
Answer the following statement true (T) or false (F)