A profit maximizing single-price monopolist sets price equal to marginal cost
Indicate whether the statement is true or false
FALSE
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Refer to Table 2-18. Which of the following statements is true?
A) Mickey has a comparative advantage in making both products. B) Minnie has a comparative advantage in making both products. C) Minnie has a comparative advantage in making hats and Mickey in making umbrellas. D) Mickey has a comparative advantage in making hats and Minnie in making umbrellas.
Most people would prefer to drive a luxury car that has all the options, but more people buy less expensive cars even though they could afford the luxury car because
A) luxury cars cost a lot more than non-luxury cars. B) the marginal utility per dollar spent on the less expensive car is higher than that spent on luxury cars. C) car buyers are irrational. D) the total utility of less expensive cars is greater than that of luxury cars.
If Tom purchases a comprehensive auto insurance policy because he knows he is a reckless driver, his behavior is an example of moral hazard.
Answer the following statement true (T) or false (F)
Refer to the information provided in Table 21.1 below to answer the question(s) that follow. Table 21.1
Refer to Table 21.1. The value of gross domestic product in billions of dollars is
A. 3,000. B. 3,075. C. 3,125. D. 3,750.