A good that is both excludable and rivalrous is a(n):
a. public good.
b. club good.
c. private good.
d. inferior good.
e. necessary good.
c
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Refer to Figure 13-4. Given the economy is at point A in year 1, what will happen to the unemployment rate in year 2?
A) It will remain constant. B) It will rise. C) It will fall. D) not enough information to answer the question
The following figure shows the demand and cost curves facing a firm with market power in the short run.
The firm earns profits of
A. $120. B. $180. C. $300. D. $150. E. $75.
The model of aggregate demand and aggregate supply can NOT be used to:
A. discuss the pros and cons of income tax cuts. B. to discuss income distribution. C. assess a tax cut's effect on longer run issues such as the national debt. D. evaluate a tax cut's effect on short run economic fluctuations.
In 2011, Red Robin announced that it would open 12 fast-casual restaurants, and in 2016 the company decided to abandon the fast-casual restaurant business. Which of the following reasons relating to the characteristics of monopolistic competition did the
company give for getting out of the fast-casual restaurant business? A) Barriers to entry were too high. B) The restaurants were not differentiated enough from their full-service restaurants. C) There were very few buyers and sellers in the market. D) Standardized pricing in the industry gave them no potential to earn a profit.