Typically, perfect competitors advertise their specific goods
Indicate whether the statement is true or false
F
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Answer the following statement(s) true (T) or false (F)
1. When formulating an economic model, one must explicitly identify both an agent's objectives and his constraints. 2. Costs are forgone opportunities. 3. The first step in economic analysis is to choose an appropriate equilibrium condition. 4. An economic problem can be defined as any problem involving money. 5. Economists focus only on real world consumer choices.
Pollution permit policies achieve an ________ outcome because ________.
A. efficient; firms that have the highest cost of reducing pollution will have the greatest incentive to purchase permits. B. efficient; firms that have the lowest cost of reducing pollution will be able to pay more for each permit. C. inefficient; wealthier firms can afford to purchase more permits. D. inefficient; the supply of permits is set by the government, and so is perfectly inelastic.
George and Brad are waiters at a local restaurant. The female customers think that George is better looking than Brad. If George earns more than Brad, this could be an example of each of the following except
a. customer preferences. b. discrimination. c. a beauty premium. d. a compensating differential.
The demand for a product is relatively more elastic:
a. ?When it has few substitutes ?b. In the long-run c. ?When the money spent on the product represents a small portion of a typical buyer's budget d. ?When the product is broadly defined