Which of the following is an accurate rough translation of ceteris paribus?
a. “supporting the same idea”
b. “making everything else different”
c. “holding everything else constant”
d. “challenging the same idea”
c. “holding everything else constant”
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Positive externalities ______
a. are not important economically b. should be reduced through subsidiziation c. are undersupplied by unfettered markets d. can be ignored
Perfectly competitive markets are characterized by:
a. a small number of very large producers. b. very strong barriers to entry and exit. c. firms selling a homogeneous product. d. all of these.
Pure monopoly is defined as a
a. one-firm industry. b. market structure in which there are many substitute products. c. market structure maintained by entry of many rival firms. d. market structure created by special government sanctions.
Figure 17-10 Refer to . A result of the tariff is that, relative to the free-trade situation, the quantity of saddles imported decreases by
a. Q2 - Q1.
b. Q3 - Q2.
c. Q4 - Q3.
d. Q4 - Q3 + Q2 - Q1.