Economic profits are:
A) Total revenue minus total cost
B) Marginal revenue minus marginal cost
C) Total revenue minus total opportunity cost
D) Total profits of the economy as a whole
Answer: C) Total revenue minus total opportunity cost
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Which of the following is a difference between a first-price sealed-bid auction and a Dutch auction?
A) The highest bidder wins in a first-price sealed-bid auction while the second-highest bidder wins in a Dutch auction. B) The second-highest bidder wins in a first-price sealed-bid auction while the highest bidder wins in a Dutch auction. C) Bids are placed privately in a first-price sealed-bid auction while bids are placed publicly in a Dutch auction. D) Bids are placed one after another in a first-price sealed-bid auction while bids are placed simultaneously in a Dutch auction.
Negative externalities might be reduced by letting people "work it out themselves," which might also be described as ________
A) substantiation. B) negotiation C) remuneration D) adjudication E) appropriate taxation
Unemployment insurance __________ the amount of unemployment
Fill in the blank(s) with correct word
Which of the following is a characteristic of a monopolistically competitive market?I. Each firm is a price-taker.II.Firms sell slightly differentiated products.III.Each firm faces a downward-sloping demand curve.
A. I only B. I and II only C. II and III only D. I, II, and III