Economists assume that most individuals respond in ______ ways to changing circumstances.
a. creative
b. unusual
c. predictable
d. distinctive
c. predictable
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Consider a price ceiling imposed on a monopoly that is set below the competitive price. Design a diagram showing the monopoly equilibrium in this case. Use your diagram to show that a price ceiling set this low will create a shortage.
What will be an ideal response?
Which of the following is true of the NASDAQ Composite Index?
a. It includes the stocks of 500 companies that are widely owned by U.S. citizens. b. It represents all major areas of the U.S. economy. c. It mostly includes the stocks of technology and Internet-related companies. d. It contains more than 6,500 stocks that are traded in the United States. e. It includes all the stocks which are on the New York Stock Exchange.
Since the middle 1980s, Bolivia and many other less-developed countries have experienced
a. negative terms of trade b. constant terms of trade c. increasing terms of trade d. decreasing terms of trade e. zero terms of trade
A price-discriminating firm will always maximize profit by following the condition that
A. MR > MC. B. MR > P. C. MRa = MRb = MC. D. MR = ATC.