Usury laws are a form of price __________.
Fill in the blank(s) with the appropriate word(s).
ceiling
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In a market economy, what encourages firms to develop new products and production processes?
A) contracts B) insurance C) patents D) accounting rules
The market for watermelons in Alabama is perfectly competitive. A watermelon producer making zero economic profit could make an economic profit if the
A) average total cost of selling watermelons does not change. B) average total cost of selling watermelons rises. C) average total cost of selling watermelons falls. D) marginal cost of selling watermelons does not change. E) marginal cost of selling watermelons rises.
The Herfindahl-Hirschman (HH) Index is used to
A) measure the degree of nonprice competition. B) measure the degree of market concentration in an industry. C) measure the extent of price leadership. D) None of the above
The market demand for a monopoly firm is estimated to be:Qd = 100,000 - 500P + 2M + 500PRwhere Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2016. For 2016, the forecasted demand function is
A. Qd = 100,000 - 100P B. Qd = 200,000 - 100P C. Qd = 300,000 - 500P D. Qd = 600,000 - 100P E. none of the above