Which of the following is a correct listing of industry models ordered from most competitive to least competitive?
a. perfect competition - monopolistic competition - monopoly
b. perfect competition - monopoly - monopolistic competition
c. monopolistic competition - perfect competition - monopoly
d. monopolistic competition - monopoly - perfect competition
a
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A) creates moral hazard but eliminates adverse selection. B) creates adverse selection but eliminates moral hazard. C) creates both moral hazard and adverse selection. D) eliminates both moral hazard and adverse selection.
The useful economic life of a machine depends most importantly on
a) the depreciation rate b) the interest rate c) the tax rate d) risk e) the marginal revenue produced by the machine
If the inflation rate turns out to be less than was expected to be, the clear losers are
A. businesses. B. lenders. C. people on incomes adjusted by a COLA. D. borrowers.
A firm will shut down temporarily when the price is so low that total revenue is insufficient to cover the
A) total cost of production. B) total variable cost of production. C) total fixed cost of production. D) marginal cost of production. E) none of the above.