A firm with market power
A. faces a downward-sloping demand curve.
B. can increase price without losing all sales.
C. is the only seller in a market.
D. both a and b
E. all of the above
Answer: D
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In the United States in 2014, the percentage of people with private health insurance was about
A) 17%. B) 29%. C) 74%. D) 83%.
The concept that suggests the consumption of the first few units of any good tends to bring a higher level of utility to a person than consumption of later units is the:
a. law of diminishing marginal utility. b. law of supply. c. law of demand. d. law of consumption.
The distinction between purchase price and rental price applies to which factor(s) of production?
a. land only b. capital only c. land and capital only d. land, capital, and labor
Compared to monopoly, the market results with monopolistic competition are usually expected to be:
A. worse because consumers get fewer choices. B. worse because consumers pay a higher price. C. better because consumers pay a lower price. D. better because consumers get less output.