New growth theory supports the idea that
I. economic growth can continue as long as we keep finding new ideas.
II. increases in human capital can lead to greater rates of economic growth.
A) I only B) II only C) Both I and II D) Neither I nor II
C
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If we compare a perfectly competitive market to a single-price monopoly with the same costs, the monopoly sells
A) the same quantity at a higher price. B) a smaller quantity at a higher price. C) a larger quantity at a lower price. D) a larger quantity at a higher price. E) a smaller quantity at the same price.
Figure 10-5
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Figure 10-5 shows supply and demand conditions in a perfectly competitive industry and for a firm in that industry. At point C, the firm would
A. earn zero economic profit. B. earn negative economic profit. C. have a zero opportunity cost of capital. D. have a negative opportunity cost of capital.
If average total cost per unit is minimized when a single producer supplies the entire market, this indicates
a. the presence of limit pricing b. that the single producer is a perfect monopoly c. the presence of substantial economies of scale d. that the market has been narrowly defined e. the existence of a single-price monopoly
A higher interest rate will _____
Fill in the blank(s) with the appropriate word(s).