Fill in the blank: A producer in a ________ market environment would enjoy total market power
A) perfectly competitive
B) oligopolistic
C) pure monopoly
D) price-taking
C
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In the principal-agent relationship between a bank manager and a bank teller, the manager is
A) an agent, as is the teller. B) an agent and the teller is a principal. C) a principal and the teller is an agent. D) a principal, as is the teller.
The difference between technology and technological change is that
A) technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques. B) technology is carried out by firms producing physical goods but technological change is an intellectual exercise into seeking ways to improve production. C) technology involves the use of capital equipment while technological change requires the use of brain power. D) technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
Economists love auctions because
a. They maximize consumer surplus b. They minimize producer surplus c. They set the price for the item, avoiding costly negotiations d. They open the door to costly negotiations, with room for manipulation
Index mutual funds purchase shares of stock in those companies which are included in the market based indexes
a. True b. False Indicate whether the statement is true or false