The VMP is the Value of Marginal Product.
A. True
B. False
C. Uncertain
A. True
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In a natural monopoly, throughout the range of market demand,
a. marginal cost exceeds average cost and therefore pulls average cost upward b. average cost exceeds marginal cost and therefore pulls marginal cost upward c. marginal cost is below average cost and therefore pulls average cost downward d. average cost is equal to marginal cost e. there are diseconomies of scale
If a voter expects to have little effect on government choices, that voter's behavior will reflect
a. rational ignorance b. a cyclical majority c. rent seeking d. vote trading e. a zero-sum game
If significant barriers to entry exist in a market, then the market is best described through the model of perfect competition
a. True b. False Indicate whether the statement is true or false
Long-run market supply curves are downward sloping if
A) firms are identical. B) the number of firms is restricted in the long run. C) input prices fall as the industry expands. D) All of the above.