A monopoly exists when there is only one producer in an industry, and no close substitutes for the product exist
a. True
b. False
Indicate whether the statement is true or false
True
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The lost-income approach tends to value a life at a higher amount than does the compensating differential approach
Indicate whether the statement is true or false
Suppose all producers in a given industry charge exactly the same price for their product. Uniform prices across an industry proves
A) industry competetitiveness. B) industry monopolization. C) producers cannot be earning monopoly profits. D) absolutely nothing about whether the industry is adequately competitive.
The long boom occurred in the
A) 1920s and 1930s. B) 1940s and 1950s. C) 1960s and 1970s. D) 1980s and 1990s.
The statement "It is better to suffer a little more unemployment than a little lower price" is an example of normative economic analysis
a. True b. False Indicate whether the statement is true or false