All of following are commonly considered to be common property EXCEPT
A) spotted owls in the wild.
B) fish in an ocean.
C) pigs raised in a farm.
D) wild salmon in a river.
Answer: C
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________ is fixed when moving along the aggregate supply curve
A) The real wage rate B) Real GDP C) Employment D) The price level E) The money wage rate
Supply can shift due to changes in price
a. True b. False Indicate whether the statement is true or false
Joe's search costs are $5 per search. He wants to buy a video player for his wife for Christmas, and the lowest price he's found so far is $300. Joe thinks 80 percent of the stores charge $300 for video players and 20 percent charge $200. Joe's optimal decision is to:
A. stop searching and purchase a video player for $200. B. continue to search for a lower price since the expected benefit of an additional search is $80, which exceeds his per-unit search costs. C. continue to search for a lower price since the expected benefit of an additional search is $20, which exceeds his per-unit search costs. D. None of the statements is correct.
A monopoly occurs when
A) each of many firms produces a product that is slightly different from that of the other firms. B) one firm sells a good that has no close substitutes and a barrier blocks entry for other firms. C) there are many firms producing the same product. D) a few firms control the market. E) one firm is larger than the many other firms that make an identical product.