The freedom of entry and exit is key to pressuring economic profit to zero under
A. monopoly and monopolistic competition.
B. monopoly and perfect competition.
C. oligopoly and monopoly.
D. perfect competition and monopolistic competition.
Answer: D
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Economic efficiency is achieved when there is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and
A) the difference between consumer surplus and producer surplus is maximized. B) economic surplus is minimized. C) consumer surplus plus producer surplus is maximized. D) economic surplus plus consumer surplus equals producer surplus.
In the Malthusian model, the population growth rate is
A) exogenous. B) positively related to consumption per worker. C) negatively related to consumption per worker. D) assumed to be constant.
If, after a person buys a set of goods with his/her income and total utility is not maximized, then
a. some change in the composition of the goods bought will increase utility b. we know that the prices were not equal c. we know that the MU/P for all goods had to be equal d. we know that marginal utility of the last good purchased was higher than the total utility of the set of goods bought e. the law of diminishing marginal utility does not apply in this case
House prices in the U.S. increased dramatically ________, and decreased dramatically ________.
A. from 2007 to 2009; from 2001 to 2006 B. from 2001 to 2009; from 2006 to 2007 C. from 2001 to 2006; from 2007 to 2009 D. from 2006 to 2009; from 2001 to 2006