Which of the following goods are likely to be sold in a monopolistically competitive market?
a. jeans
b. breakfast cereal
c. electricity distribution in Chicago
d. postage stamps
a
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Which of the following is TRUE for a profit maximizing monopolist?
A) Marginal cost is always less than average total cost. B) In the long run, the firm's economic profit equals zero. C) In the short run, the firm will shut down if its marginal cost is less than its average variable cost. D) In the short run, the firm can make an economic profit even if its marginal cost is less than its average variable cost.
Which is the most accurate statement?
A. Since 1994 most former welfare recipients have found fairly well paying jobs with full medical benefits. B. Welfare reform has not gotten very many people off of welfare rolls. C. Welfare reform was carried out during a time of great prosperity. D. Welfare reform has at least doubled the number of homeless Americans.
Laid-off auto workers in Detroit need to be trained for jobs in other industries where there is more labor demand. In the meantime, they are out of work. This is an example of:
a) Structural unemployment b) Frictional unemployment c) Cyclical unemployment d) Natural unemployment
Gross investment is the
A. Wearing out of plant and equipment. B. Consumption of capital in the production process. C. Alternative combinations of final goods and services that can be produced with all available resources and technology. D. Total investment expenditure in a given time period.