Which of the following markets most closely matches the description of perfect competition?
a. Fast-food hamburgers.
b. Subcompact cars.
c. Grain.
d. Personal computers.
C
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If a firm shuts down in the short run, then
a. total revenue and total cost drop to zero b. total revenue drops to zero, but the firm must still pay its fixed cost c. total revenue drops to zero, but the firm must still pay some variable cost d. total cost drops to zero, but the firm still earns some residual revenues e. neither total revenue nor total cost drops to zero
Based on past experience, if a country is experiencing hyperinflation, then which of the following would be a reasonable guess?
a. The country has high money supply growth. b. Inflation is acting like a tax on everyone who holds money. c. The government is printing money to finance its expenditures. d. All of the above are correct.
A decrease in the quantity of labor supplied in response to a higher wage would be due to the:
A. price effect. B. tax effect. C. substitution effect. D. income effect.
Which of the following is LEAST likely to be able to regularly engage in price discrimination?
A. a university B. a farmer C. an airline D. a producer of copyrighted computer app