Which of the following is true about market demand?
A. It is typically horizontal
B. It is downward-sloping
C. it is inconsistent with the law of demand
D. It represents the quantity of a good people are willing, but not necessarily able to buy
Answer: B. It is downward-sloping
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In the above figure, the market is at its equilibrium. Area A is equal to
A) consumer surplus. B) total revenue. C) marginal benefit. D) producer surplus. E) total surplus.
Several states require cosmetologists to undertake 1,500 hours or more of training in order to obtain a license to provide hair styling or braiding services. This is an example of
a. antitrust legislation. b. government action that promotes competition. c. a barrier to entry d. the legal structure that is required for the operation of price-taker markets.
For economists, the word "utility" means:
A. versatility and flexibility. B. rationality. C. pleasure or satisfaction. D. purposefulness.
Economic activities primarily directed toward creating or developing new ideas and new technology are called
A. technological diffusion. B. the information revolution. C. innovative activities. D. technological competition.