For a perfectly competitive firm, price is identical to marginal revenue at every quantity
a. True
b. False
A
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From an economic standpoint, if one believes that a group would be better off from a policy change, this implies that _____
a. a majority of the group would be better off because of the change b. a super-majority of the group would be better off because of the change c. everyone in the group would be better off because of the change d. the total effect of the change is positive, even if most individuals are not better off
A consumer is likely to ________ his opportunity costs when ________.
A. overvalue; they are right in front of him B. undervalue; they are obvious C. undervalue; they are not right in front of him D. overvalue; they are not obvious
The lower left-hand corner of a graph where the two axes meet is called the graph’s origin.
Answer the following statement true (T) or false (F)
A cartel can remain powerful even when all the members engage in secret price cuts.
a. true b. false