In an efficient market, a scarce good generally has a ____ than a less-scarce good.
A. higher price
B. higher total utility to consumers
C. more even distribution across income classes
D. lower price in off-peak periods
Answer: A
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During a recession, the unemployment rate
A) is, by definition, above 25 percent. B) is, by definition, above 10 percent. C) usually increases but not necessarily to 10 percent or 25 percent. D) remains constant. E) usually decreases.
In 2011, total output of goods and services in the United States was approximately
a. $10 trillion. b. $12 trillion. c. $15 trillion. d. $20 trillion.
Brand loyalty in monopolistically competitive markets manifests itself as
A) upward sloping marginal cost curves. B) downward sloping demand curves. C) downward sloping marginal cost curves. D) upward sloping demand curves.
The average percentage markup in the economy
a. is of special interest in microeconomics b. fluctuates greatly from year to year c. depends on competitive conditions in the economy d. depends on the level of GDP e. increases as the interest rate increases