A statement that "a hair stylist should not have to obtain a cosmetology license" is an example of what kind of statement?
A. Uninformed
B. Biased
C. Positive
D. Normative
D. Normative
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Suppose the production of a good results in positive externalities. If output occurs at the intersection of the marginal social benefits curve and the supply curve, then
A. output will be at a higher level than if all benefits were not taken into account. B. output will be at a lower level than the socially optimal level. C. the marginal private benefit curve will lie above and to the right of the marginal social benefit curve. D. there will be underproduction. E. all of the above
For the monopolistically competitive firm, the demand curve it faces will be steeper the:
A. more easily the good can be substituted. B. more complement goods are available. C. less easily the good can be substituted. D. less complement goods are available.
The solution of a game is dependent upon
a. predicted response of competitors b. the existence of a perfectly inelastic demand curve c. costs of production being constant d. economies of scale in production e. marginal revenue being equal to marginal cost
One complication that tends to prolong recessionary gaps is that wages
a. are fixed by unions, which represent nearly all workers in the United States. b. tend to rise rapidly. c. rarely fall. d. tend to move in the opposite direction from prices.