Monopoly power in a market causes:
A. monopolists to profit.
B. consumers to gain.
C. market surplus to be constant
D. governments to neve allow them.
A. monopolists to profit.
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In the long run, supply shocks
a. are of no concern b. are automatically offset so that the full-employment level of output is restored c. cause the long-run AS curve to shift d. have no effect on the wage rate e. are automatically offset so that output and the price level return to their original values
Which of the following is the best example of an employee who is specializing?
a. Junior was required to work in every department to prepare him for inheriting the company from his father. b. Manuela was trained on every machine in the factory so she could substitute for workers when they took breaks. c. Keiko transferred from the accounting department to the sales department to be able to earn more money. d. Tate went from a general assistant to someone who focuses on social media marketing.
The best example of a command socialist economy is:
A) Russia. B) China after 1979. C) Cuba. D) the United States.
If Al is risk averse, as his wealth increases, his total utility of wealth ________ and his marginal utility of wealth ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases