In wealthy countries such as the United States, the price elasticity of the demand for food is ________ it is in poorer countries.
A. greater than
B. less than
C. the same as
D. None of these; it is not possible to make international comparisons of price elasticity.
Answer: B
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The formula used for calculating the total profit of a monopolistic competitor is ________
A) (Price - Average Total Cost) × Quantity B) Price - Marginal Cost C) (Price- Average Total Cost) / Quantity D) (Price -Average variable cost)
In the later part of the twentieth century, the price of crude oil began to increase after decades of relatively steady prices, which of the following could explain this phenomenon?
A) Worldwide reserves have been increasing. B) Worldwide demand has been increasing. C) Global warming D) Extraction technology has been degrading.
In long-run equilibrium, monopolistically competitive firms produce where:
A. marginal cost is equal to price. B. marginal revenue is equal to price. C. marginal revenue is greater than marginal cost. D. average total cost is equal to price.
The level of U.S. exports depends ________ the level of income in other countries.
A. indirectly on B. directly on C. entirely on D. inversely with