The problem that arises when one person performs a task on behalf of another person is called the lemons problem
a. True
b. False
Indicate whether the statement is true or false
False
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A pure monopoly
a. is the only firm that produces all of the products its competitors produce b. is the single seller of a unique product c. is bigger than all its competitors combined d. has only one customer e. is always profitable in the short run
In the short run, which are most important in determining changes in output?
a. marginal costs and marginal revenue. b. total costs and total revenue. c. average costs and total revenue. d. fixed costs.
If the consumer's income and all prices simultaneously double, then the optimum consumption bundle will
a. shift outward relative to the original optimum. b. move leftward along the original budget constraint. c. not change. d. shift inward relative to the original optimum.
If the stock market booms, consumption will rise.
Answer the following statement true (T) or false (F)