One requirement for an industry to be perfectly competitive is that
A) there are no restrictions on entry into or exit from the market.
B) there are multiple restrictions on entry into or exit from the market.
C) there are many firms selling different products.
D) sellers and buyers have imperfect information about prices.
E) the many firms sell slightly different products.
A
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If MSC = 20 + 0.75A, where MSC is in millions of dollars, and A is the percentage of mercury emissions abatement, then
a. marginal social cost is $7.5 million when 10 percent of mercury emissions are abated b. the MSC function graphs with a horizontal intercept of 20 c. MSC equals $35 million if 20 percent of mercury is abated d. TSC must be declining with higher abatement levels
The table above shows the total utility from the two goods Freddy likes to consume. Suppose that Freddy has already eaten 5 bags of Fritos. If he consumes one more bag, his marginal utility will
A) equal 40. B) equal 35. C) equal 15. D) depend on the price of the extra bag.
Which of the following statements is true regarding a nation's unemployment rates:
A. Globalization does not usually have a major effect on a nation's unemployment rates. B. A nation's business cycles do not usually impact the country's unemployment rates. C. A nation always has a certain percentage of unemployed citizens at any given time. D. During times of great expansion, a nation's workers are generally underemployed.
Which of the following will NOT affect the position of the market supply curve for a good?
A) The government grants a subsidy to the producers for each unit of a good that they produce. B) The price of the good increases. C) The number of sellers in the market increases. D) There is an increase in the prices of the inputs used in production.