A major difference between a monopoly and perfect competition is that monopolies can earn an economic profit in the long run and a perfectly competitive firm cannot
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following might be an intermediate good?
A) A box of Kellogg's corn flakes B) An iMac computer C) A U-Haul rental vehicle D) An economics textbook E) Any of the above might be, depending upon who is purchasing it.
The above table shows answers given by people interviewed in a government survey of households. Which individual or individuals are considered marginally attached?
A) A B) B, C, and D C) A and D D) D
Because individuals initially own more time than they consume and sell the difference to their employers:
A. the direction of the income effect is the opposite than it is for other goods. B. the direction of the income effect is the same as it is for other goods. C. there is no income effect resulting from a change in the individual's wage rate. D. the income effect of a wage change is relatively small.
The discount rate is the interest rate that
a) Banks charge one another for loans. b) Banks charge the Fed for loans. c) The Fed charges banks for loans. d) The fed charges congress for loans.