The automobile, steel, and oil markets are all examples of:
A. perfectly competitive markets.
B. monopolies.
C. monopolistically competitive markets.
D. oligopolies.
Answer: D
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The fastest growing component of the annual federal budgets since 2000 is
A) entitlement payments. B) the education budget. C) funding for NASA. D) funding for health research.
In the figure above, suppose that the government imposes a tax of $4 per pizza. Then, the tax revenue collected by the government equals
A) $240. B) $320. C) $160. D) $120. E) $4.
Moving downward along an indifference curve causes a(n)
A. reduction in the total utility a consumer receives. B. loss in the marginal utility of one good but an equal increase in the marginal utility of the other good. C. increase in the marginal utility of both goods. D. decrease in the price of one good and an increase in the price of the other good.
A movement up or down the AD curve is due to changes in the prices of all final goods and services, whereas a movement up and down the demand curve for any individual good is due to a change in the price of that good while all other prices are held constant.
Indicate whether the statement is true or false.