In 2009, the Nobel Prize in economics was awarded for work on the effectiveness of social norms in the management of commonly held property to:
A. Gary Becker.
B. Arthur Pigou.
C. Elinor Ostrom.
D. Ronald Coase.
Answer: C
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The total cost to the firm of producing zero units of output is
a. zero in both the short run and the long run. b. its fixed cost in the short run and zero in the long run. c. its fixed cost in both the short run and the long run. d. its variable cost in both the short run and the long run.
If the wages of a dentist increase,
a. so does her opportunity cost of leisure. b. her hours of labor supplied may increase. c. her hours of labor supplied may decrease. d. All of the above are correct.
If a monopoly earns a loss in the short run and market conditions do not change, then it should exit the industry in the long run.
Answer the following statement true (T) or false (F)
Surplus refers to:
A. the difference between the willingness to sell and the actual price accepted. B. the difference between the willingness to pay and the actual price paid. C. the difference between the price at which a buyer or seller would be willing to trade and the actual price. D. All of these are true.