When a new Walmart locates in an area, a business likely to be helped is a
A. nearby gas station.
B. distant gas station.
C. distant hospital.
D. nearby grocery store.
Answer: A
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In the long run, a monopolistically competitive firm will
a. produce a greater variety of goods than do firms in other market structures b. produce a greater output level than would a perfectly competitive firm c. produce where price equals average total cost d. earn an economic profit e. suffer a loss because of its advertising budget
If the CEO of a large corporation uses the corporate jet to fly friends to the Super Bowl at company expense, this is most clearly an example of
a. the duality problem. b. the violation of ceteris paribus conditions. c. a negative externality. d. the principal-agent problem.
If there is an inverse relationship between two variables, the graph relating the two variables will be:
A. horizontal. B. upward-sloping. C. vertical. D. downward-sloping.
The rule of equating marginal benefit with marginal cost is a tool that can be applied to a wide variety of decisions, not just economics.
Answer the following statement true (T) or false (F)