In comparison to perfect competition, monopoly
A. reduces the motivation to make a profit.
B. motivates greater quality innovation.
C. motivates greater cost saving by management.
D. reduces the motivation to innovate.
Answer: D
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Which of the following describes a problem created by scarcity?
A. The course you need to take in the fall is offered at times that conflict with your work schedule. B. Your cell phone battery is low and you screen a phone call from a friend in case your significant other calls later. C. The White House eliminates tours due to budget constraints. D. All of these.
Elected government officials seem biased toward favoring
A) the national interest. B) the global interest. C) well organized, special interest groups. D) policies that are in the long-run interest of economists.
Frictional unemployment goes up when:
A. Students quit work to return to school at the end of the summer. B. A corporation transfers a worker to another city. C. A worker quits one job in order to search for another. D. There is inadequate demand for labor.
Ben is exhausting his money income consuming products A and B in such quantities that MUa/Pa = 5 and MUb/Pb = 8. Ben should purchase:
A) more of A and less of B. B) more of B and less of A C) more of both A and B. D) less of both A and B.