Which of the following differs between a perfectly competitive market and a market with a perfectly price discriminating monopoly?
A) The amount of producer surplus
B) The quantity produced
C) The total surplus
D) None of the above because they are all the same in a perfectly competitive market and in a market with a perfectly price discriminating monopoly.
A
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When will a wage increase cause a firm to produce more output in the long run?
a. Always. b. When labor and capital are complements in production. c. When labor is a regressive factor. d. Never.
If the price of a good increases from $3 to $4, and the quantity demand remains unchanged, then the demand is
A) perfectly inelastic. B) perfectly elastic. C) somewhat elastic. D) infinite.
An advantage of capitalism is that
a. It allows the market to self-regulate and clear itself b. It allows a person to follow his or her own self interest c. It allows voluntary transactions, which create wealth d. All of the above
Crowding out refers to the situation in which
a. borrowing by the federal government raises interest rates and causes firms to invest less. b. foreigners sell their bonds and purchase U.S. goods and services. c. borrowing by the federal government causes state and local governments to lower their taxes. d. increased federal taxes to balance the budget causes interest rates to increase and consumer credit to decrease.