Which of the following economies is an example of a mixed system?
a. The United Kingdom
b. Sweden
c. The United States
d. All of the answers are correct.
d
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What is true at the profit-maximizing quantity for a nondiscriminating monopolist but not true of a perfectly competitive firm?
a. Price equals marginal cost. b. Price is greater than marginal cost. c. Marginal revenue equals marginal cost. d. Marginal revenue is less than marginal cost. e. Marginal revenue is greater than average revenue.
Suppose a perfectly competitive increasing-cost industry is in long-run equilibrium when market demand suddenly decreases. What happens to the industry in the long run?
a. It experiences no change from the original equilibrium b. It experiences a higher equilibrium price and produces less output c. It experiences a lower equilibrium price and produces less output d. It experiences the same equilibrium price but produces more output e. It experiences the same equilibrium price but produces less output
In the following graph, the price of capital is $100 per unit. What is the marginal rate of technical substitution at point C?
A. 0.14 B. 4 C. 0.4 D. 1.4 E. none of the above
The Herfindahl-Hirschman index
A. is no longer applicable to the American economy. B. measures the degree of concentration within an industry. C. seldom goes above 100. D. falls as the degree of concentration rises.