The economic argument for legalizing drugs
a. is morally bankrupt.
b. is based on the assumption that demand is relatively price inelastic.
c. shows that economists are all libertarians at heart.
d. takes into consideration all the externalities associated with drug use.
e. is really politically motivated.
B
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A monopsonist is
a. a buyer who faces an upward-sloping supply curve. b. a buyer who faces a downward-sloping supply curve. c. a seller who faces an upward-sloping demand curve. d. a seller who faces a downward-sloping demand curve.
Which of the following statements is true of the relationship among the average cost functions?
A) ATC = AFC - AVC B) AVC = AFC + ATC C) AFC = ATC + AVC D) AFC = ATC - AVC
Strategic dependence is found in
A) monopoly markets. B) oligopolistic markets. C) monopolistic competitive markets. D) perfect competitive markets.
What is the stage in a business cycle called when real GDP stops falling?
(A) A peak (B) A contraction (C) A trough (D) An expansion