Which of the following is NOT true about a certificate of convenience and public necessity?
A. It is issued by a government agency.
B. It is a barrier to entry.
C. It limits competition.
D. It is a patent.
Answer: D
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A monopolistically competitive firm produces where demand is inelastic
a. True b. False
The production possibilities frontier:
A. can show all possible combinations of goods but not tell us which combination society should choose. B. can show the best combination of goods which society should choose. C. cannot show all possible combinations of goods because society is typically inefficient. D. can show us which possible combinations of goods society should choose, but cannot tell us which points will be inefficient.
Studies of human decision making reveal several systematic mistakes people make. Which of the following is not an example of one of these mistakes?
a. Tom tells everyone he's sure he can run a 5K in twenty-five minutes, but then tries a couple of times and takes over thirty minutes. b. Kate hears a news report about five people dying from a tornado in Kansas and decides to cancel her plans to visit her aunt there. c. Randi is a strong proponent of raising the minimum wage. She reads a research report on the effects of increasing the minimum wage and begins to doubt her previous thinking. d. Jenny is shopping for a new car and has found that Hondota cars consistently get high quality ratings. Her friend had trouble with her Hondota, so Jenny decides not to purchase a Hondota.
According to the above table, at a price of $1 per unit, which of the following would exist?
A. a shortage of 800 units B. a shortage of 200 units C. a surplus of 200 units D. a surplus of 800 units