User charges are identical to market prices
a. True b. False
b
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Why is the price of a scarce exhaustible resource in a competitive market above the marginal cost of providing a unit of the resource?
What will be an ideal response?
In a perfectly competitive market:
A. only price adjusts in both the short run and the long run. B. only quantity adjusts in both the short run and the long run. C. price does more of the adjusting in the short run and quantity does more of the adjusting in the long run. D. price does more of the adjusting in the long run and quantity does more of the adjusting in the short run.
Which of the following is NOT a characteristic of a monopoly?
A. A monopolist faces a downward-sloping demand curve. B. There are no close substitutes for a monopolist's product. C. After the first unit, the monopolist's marginal revenue is always less than its price. D. A monopolist is a price taker.
If Mexico has a exports of 40 billion pesos and imports of 50 billion pesos, it is running a trade surplus.
Answer the following statement true (T) or false (F)