Which of the following letters represents a category included in the expenditure approach?
a. C
b. D
c. P
d. V
a. C
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What types of things are sold in input or factor markets? Who are the buyers and sellers in these markets?
What will be an ideal response?
________ behavioral assumption about humans was that people usually act in a rational, self-interested way
A) Adam Smith's B) Janet Yellen's C) Karl Marx's D) Thomas Malthus's
A monopolist sells to two consumer groups, students and non-students
Demand for students: Q = 500 - 1/2P Demand for non-students: Q = 750 - 2P MC = 20 Find the profit-maximizing price/quantity combination in each market if the groups can be separated.
In monopolistic competition, we usually observe:
A. slower rates of technological advance and product development due to higher advertising costs. B. significant diseconomies of scale. C. more reliance on misleading advertising than in monopoly or oligopoly. D. a large number of firms, each operating with excess capacity.