Costly actions that a firm undertakes to gain monopoly status are called
a. monopolization.
b. rent-seeking activity.
c. monopoly-profit seeking.
d. collusion.
B
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A way to look at population is by density. Which of the following states is the least densely populated?
a. Rhode Island b. New York c. Alaska d. New Jersey
In market systems, the main way that valuable resources are transferred from households to firms is:
A) through direct barter exchange of labor for goods and services. B) through government sponsored distribution such as in providing public K-12 schooling. C) through markets based on money payments. D) a circular flow where the firms provide resources to households and the households reciprocate by providing finished goods and services to firms.
The population and GDP of the European Union is ___________ that of the United States.
A. much less than B. comparable to C. much greater than
Which of the following statements about a firm's short-run variable costs is correct?
A. They are always a greater expense than are fixed costs. B. They include the costs of plant and equipment. C. They increase as the level of output decreases. D. They typically include the cost of workers' wages.