An increase in the price level is defined as
A) a recession.
B) a growth boom.
C) inflation.
D) an expansion.
C
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A college must decide if it wants to offer more adult literacy classes. This decision involves answering the economic question of "what to produce."
Indicate whether the statement is true or false
The demand curve that a monopolist firm faces is
a. the same as the demand curve facing a perfectly competitive firm except the monopolist is a price maker and the competitive firm is a price taker b. the same as the demand curve facing a perfectly competitive firm except the monopolist is a price taker and the competitive firm is a price maker c. horizontal, because there are no close substitutes for its product d. the same as its industry demand curve e. vertical, because there are no close substitutes for its product
A free-rider problem exists when a good that has the following characteristic?
a. Rivalry in consumption. b. Elastic demand. c. Inelastic demand. d. Nonexcludable.
When a demand curve is a downward sloping straight line, the slope of the demand curve is ________ the marginal revenue curve.
A. half as steep as B. always equal to the slope of C. the same as the slope of D. twice as steep as