A core principle of the economic way of thinking assumes social phenomena
A) are less important than economic phenomena.
B) are more important by far than economic phenomena.
C) cannot be influenced by ethical considerations.
D) emerge from individuals' choices.
D
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A major difficulty with the infant industry argument for protection is that
A) government revenue will fall with a tariff. B) it requires the nation to fall into the large country case for tariff protection. C) effective rates of protection are usually greater than nominal rates. D) the measurement of production externalities is hard and uncertain. E) the productivity of infant industries is usually declining.
Watt Power and Light, an electric company, will suffer an economic loss
a. even at its profit-maximizing output because marginal cost is always less than average cost b. even at its profit-maximizing output because average cost is always less than marginal cost c. if regulators insist that it produce where price equals marginal cost because marginal cost is less than average cost d. if regulators insist that it produce where price equals marginal cost because average cost is always less than marginal cost e. if regulators insist that it produce where price equals average cost because average cost is always less than marginal cost
In an oligopoly, output is
A) less than the output in monopoly. B) greater than the output in perfect competition. C) in all circumstances the same as the output in perfect competition. D) somewhere between the output in monopoly and that in perfect competition outcomes. E) in all circumstances the same as the output in monopoly.
The law of demand implies, holding everything else constant, that as the price of gelato
A) increases, the demand for gelato will increase. B) decreases, the demand for gelato will increase. C) decreases, the quantity of gelato demanded will increase. D) increases, the quantity of gelato demanded will increase.