Which of the following is true? In the above figure, if the market is
A) a monopoly, output will be Q1 and price will be P3.
B) a monopoly, output will be Q3 and price will be P3.
C) perfect competition, output will be Q2 and price will be P2.
D) perfect competition, output will be Q1 and price will be P1.
E) perfect competition, output will be Q3 and price will be P3.
C
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In the 1948-2012 data, the unemployment rate was highest in
A) 2009 B) 1991 C) 1975 D) 1982
The value of cross elasticity of demand between orange soda and grape soda is
a. negative b. positive c. 0 d. between –1 and 0 e. less than –1
Using a PPC can help to increase a company's
a. efficiency b. underutilization c. losses d. employee theft
When sellers have more information about the quality of a good than buyers do, a relatively large share of the goods in the market will be low-quality goods. This is the ________ problem.
A. free-rider B. law of diminishing returns C. adverse selection D. moral hazard