If government were to regulate a monopolistically competitive market by setting a single price, a consequence would be:
A. less output supplied to the market.
B. higher prices.
C. less product variety.
D. All of these statements are true.
Answer: C
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If the demand for loanable funds curve shifts rightward from the curve shown in the figure above, the shift could be the result of
A) a rise in the real interest rate. B) a decrease in expected profit. C) a fall in the real interest rate. D) an increase in expected profit. E) a decrease in real GDP. The figure above shows the supply of loanable funds curve.
What is a private cost of production? What is an external cost of production? What is a social cost of production? When is the private cost of production equal to the social cost of production?
What will be an ideal response?
The United States imports garments from third world countries. This means that if the U.S. economy were closed, the domestic price of goods would be ________ the world price of garments.
A. close to B. less than C. greater than D. equal to
If Jason were offered a job as an accountant at $30,000 and a job as a running back for the Oakland Raiders at $300,000, and he would have been willing to accept the latter even if it paid as little as $50,000, he would be receiving economic rent of
A. $30,000. B. $50,000. C. $250,000. D. $300,000.