The goal of any monopolist is to maximize
a. economic profit
b. normal profit
c. price
d. efficiency
e. output
A
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When the current price of a good is below the equilibrium price:
A. sellers will notice their inventories are growing. B. the price will tend to stay below the equilibrium price. C. buyers have an incentive to offer to pay sellers more than the current price. D. there will be excess supply.
What variable has been shown to be highly correlated with nutrition, disease, and income, and is increasingly being used by economists to measure the well being of people?
a. Height. b. Weight. c. IQ. d. Gender.
Since it is difficult to establish and enforce ownership rights over air, people have less incentive to preserve air quality than if its ownership was clearly defined
a. True b. False Indicate whether the statement is true or false
With regard to the economy, the term negative inflation is synonymous with which of the following?
a. recession b. depression c. deflation d. hyperinflation