Google is an example of a pure monopoly in the Internet search market.
Answer the following statement true (T) or false (F)
False
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In 2008, the United States was in recession. Which of the following things would you not expect to have happened?
a. increased layoffs and firings. b. a higher rate of bankruptcy. c. increased claims for unemployment insurance. d. increased real GDP.
According to the following graph, if U2 is the maximum attainable utility, the price of X is
The price of Y is $50.
A. $10. B. $25. C. $15. D. $20. E. none of the above
Scarcity exists because
A. there is a temporary disruption in the market supply. B. there are not enough resources available to produce all the goods that people want. C. there is a shortage of goods caused by a natural disaster. D. there is a shortage of labor throughout the world.
The marginal revenue product curve of a factor is negatively sloped because:
a. the additional revenue generated from an additional unit of a factor remains constant as more resources are hired. b. the additional revenue generated from an additional unit of a factor declines as more resources are hired. c. the additional revenue generated from an additional unit of a factor usually becomes zero as more resources are hired. d. the additional revenue generated from an additional unit of a factor increases as more resources are hired. e. the additional revenue generated from an additional unit of a factor doubles every time new resources are hired.