Which of the following is not common to perfect competition and monopolistic competition?
a. Free entry
b. Many sellers
c. Elimination of long run economic profits
d. Product differentiation
d
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The price of migraine medicine increased by 6%, causing a 1% increase in quantity supplied. Price elasticity of supply
a. is 6. b. is 167. c. is 1. d. cannot be determined.
Assume that the government increases spending and finances the expenditures by borrowing in the domestic capital markets. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the real GDP and net nonreserve-related international borrowing/lending in the context of the Three-Sector-Model?
a. Real GDP rises, and net nonreserve-related international borrowing/lending becomes more positive (or less negative). b. Real GDP rises, and net nonreserve-related international borrowing/lending becomes more negative (or less positive). c. Real GDP falls, and net nonreserve-related international borrowing/lending becomes more positive (or less negative). d. Real GDP and net nonreserve-related international borrowing/lending remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
For a monopolist
A. marginal revenue equals average revenue. B. marginal revenue is greater than price. C. marginal revenue equals price. D. marginal revenue is less than price.
Which of the following statements about utility and preferences is false?
A) If Sidra prefers tea to coffee and coffee to hot chocolate, then she must prefer tea to hot chocolate. B) If two individuals, Ingrid and Inez, each consume the same bundle of goods, then both Inez and Ingrid must receive the same utility from the bundle. C) Utility cannot be compared across consumers. D) Preferences can be ranked.