An industry characterized by a small number of dominant firms that face downward-sloping demand curves is best described as:
A) a monopoly.
B) monopolistically competitive.
C) an oligopoly.
D) perfectly competitive.
C
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Choice architects are likely to make program participation:
A. lower, even if they frame it positively. B. the default rule if they want low enrollment. C. the default rule if they want high enrollment. D. the status quo in order to entice high enrollment.
World War II led to a dramatic increase in economic growth in the United States because
a. the war caused the U.S. to move along its production possibilities frontier away from consumer goods and towards military goods b. the economy was already at close to full employment c. there were unemployed resources in the U.S. economy prior to the war d. the economy shifted production towards more profitable consumer goods during the war e. the opportunity cost of producing military goods increased considerably during the war years
In which of the following ways is a monopolist different from a perfect competitor?
a. Average cost will continually drop as output expands. b. Price is above marginal revenue. c. Average total cost equals average fixed costs plus average variable costs. d. The demand curve for the industry has a negative slope.
A curve that shows all of the alternative consumption bundles that the consumer likes equally well is called:
A. a budget constraint. B. an indifference curve. C. an individual demand curve. D. a consumption bundle curve.