One of the effects of a change in disposable income could not be a(n)
a. movement up along the consumption function.
b. movement down along the consumption function.
c. change in the amount of consumption expenditures.
d. upward shift of the consumption function.
d
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Suppose the nation of Alphonia was charged with dumping electric lawnmowers in the nation of Omegalon. The two reasons a nation like Alphonia would dump products in another nation are
A) import licensing and outsourcing. B) price discrimination and import licensing. C) price discrimination and predatory pricing. D) outsourcing and predatory pricing.
A market is a natural monopoly when:
A. a good is produced most economically by several firms. B. a good is produced most economically by one firm. C. the government grants a firm a patent on a good. D. the firm's average cost function is everywhere upward sloping.
________: level of input use where the marginal value product equals the marginal input cost
Fill in the blank(s) with correct word
Competitive pricing is efficient because
A. the price that consumers pay reflects the opportunity cost to society of producing the good. B. firms make positive economic profits in long-run equilibrium. C. firms produce above the minimum efficient scale. D. average revenue equals average cost.