In economics, products are considered "differentiated" only if
a. they are physically or chemically different
b. sellers decide that they are different
c. buyers think that they are different
d. the government determines that they are different
e. they are produced by different firms
C
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Prof. Epstein's normative theory of law argues that the common law ought to
a. promote a more desirable distribution of income. b. impose punitive damages more often. c. seek economic efficiency. d. promote the Good Samaritan ethic.
For a duopoly, the maximum total profit is reached when the duopoly produces
A) the same amount of output as the competitive outcome. B) the same amount of output as the monopoly outcome. C) an amount of output that lies between the competitive outcome and the monopoly outcome. D) more output than the competitive outcome. E) less output than the monopoly outcome.
Luke was earning $60 per hour and working 40 hours per week. Luke's wage rose to $70 per hour, and as a result, he now works 50 hours per week
What can you conclude from this information about the substitution and income effects of a wage increase for Luke?
Income inequality is indicated by a Lorenz curve that:
a. bows up, away from the line of income equality. b. bows down, away from the line of income equality. c. lies parallel to the line of income equality. d. coincides with the line of income equality. e. approaches the vertical axis.