Which of the following is NOT a characteristic of pure monopoly?
A. many sellers
B. considerable price setting ability
C. long-run economic profits are possible
D. restricted ability to enter market
Answer: A
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A good or service can be consumed by a person even if he or she didn't pay for it is called ________ good
A) a private B) a public C) a normal D) an inferior E) an external
When someone does not have to pay for a good it:
A. is rational to overconsume. B. is irrational to overconsume. C. is rational to underconsume. D. means there is zero demand for the good.
The signaling theory of education suggests that when people earn a college degree they do not become more productive, but they do signal their high ability to prospective employers
a. True b. False Indicate whether the statement is true or false
If production remains the same and all prices double relative to the base year, then the GDP deflator is:
A. 1/4. B. 1/2. C. 1. D. 2.