A demand curve can be thought of as
A. a graphical display of “market potential.”
B. a graphical representation of the information in a demand schedule.
C. showing how much people want to buy.
D. a forecasting tool.
E. All of these responses are correct.
Answer: B
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If firms in a perfectly competitive industry are earning an economic profit, then in the ________, firms will ________ the industry
A) short run; enter B) long run; enter C) short run; exit D) long run; exit E) More information about the firms' costs and the price of the product is needed to determine if firms enter or exit the industry.
What is a cartel?
What will be an ideal response?
George is considering buying shares of Intel. If the company does well, he will gain $100, but if the company does poorly, he will lose $100
George is risk averse, so for George the magnitude of the pain of losing $100 will ________ the pleasure of gaining $100. A) equal B) be less than C) be greater than D) None of the above answers are correct because we cannot compare the pain of losing to the pleasure of gaining.
Economic efficiency is defined in the text as
a. the maximum production of consumption goods b. the maximum production of capital goods c. a balanced production of consumption and capital goods d. a maximum set of resources e. the absence of underemployment or unemployment