A characteristic common to most imperfectly competitive markets is
A) a homogeneous product.
B) unexploited economies of scale.
C) non-price competition among firms.
D) inelastic market demand curves.
E) common pricing among firms.
Ans: C) non-price competition among firms.
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Which of the following is NOT a function of money? i. unit of account ii. store of value iii. unit of debt
A) i only B) ii only C) iii only D) both ii and iii E) both i and ii
A cut in government spending, a decrease in income abroad, an increase in taxes, or an expectation that future income will fall causes aggregate
a. demand to shift outward b. demand to shift inward c. supply to shift outward d. supply to shift inward e. supply and aggregate demand to shift inward
Which of the below statements is true?
a. It is efficient to produce beyond the equilibrium output level as long as costs are low. b. The level of output that maximizes the value of an economy's output is found at the intersection of supply and demand in a competitive market. c. Production and exchange is beneficial as long as the demand curve lies below the supply curve. d. Mutually beneficial exchange is mostly harmful unless regulated.
If the production of oranges reduces global warming, then the equilibrium quantity of oranges will be ________ the socially optimal quantity.
A. lower than B. equal to C. more valuable than D. higher than