Microeconomics approaches the study of economics from the viewpoint of:
a. inflation, unemployment, and economic growth.
b. the federal government.
c. individual economic units, such as consumers, firms, and units of government.
d. the economy as a whole.
c
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How does a per-unit subsidy affect the simple monopoly equilibrium?
a. The subsidy does not affect marginal cost and thus does not affect the monopoly equilibrium. b. The subsidy lowers the price charged by the monopoly, but it also lowers social gain. c. The subsidy increases the monopoly's profit but does not improve social gain. d. The subsidy causes both monopoly output and social gain to increase.
What are ITQs? Where are they used?
What will be an ideal response?
Steps in performing a cost-effectiveness analysis include all of these EXCEPT
a. ranking the alternative treatment options b. prioritizing the alternative treatment options c. calculating the ICER between each treatment option and the next most expensive one d. eliminate treatment alternatives that are strictly dominated
If a perfectly competitive firm operates in the short run but exits the industry in the long run, then the firm's short run condition is
A. TR > TC. B. TR > TVC and TR < TC. C. TR < TVC. D. TR < TFC.