Which does not necessarily apply to a pure monopoly?
A. The firm must be the sole producer of a product.
B. Entry must be blocked.
C. The firm must earn economic profits.
D. The product the firm produces must have no close substitutes.
Answer: C
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All of the following are non-price determinants of demand except
A) tastes and preferences. B) income. C) technology. D) future expectations.
Refer to the accompanying figure. If Pat and Chris were to specialize in the task in which each has a comparative advantage:
A. both Pat and Chris would plant bulbs because they both have an absolute advantage in that task. B. Pat and Chris would each spend half of their time each task. C. Chris would remove trash and Pat would plant bulbs. D. Chris would plant bulbs and Pat would remove trash.
The definition of income in the U.S. tax code follows the Haig-Simons definition of income precisely
a. True b. False
What percentage of American workers now belong to labor unions?
a. less than 20 percent b. about 40 percent c. about 60 percent d. more than 80 percent