If no one can be excluded from consuming its benefits and there is no rivalry in consumption, then the good is a ________ good.
A. free
B. public
C. private
D. Pareto
Answer: B
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Figure 10-1
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Suppose a perfectly competitive firm’s situation is shown in Figure 10-1 and the firm is currently producing at D. What can be said about this situation?
A. The firm is suffering an economic loss but is maximizing profits. B. The firm is not suffering an economic loss but is not maximizing profits. C. The firm is not suffering an economic loss and should increase output. D. The firm is suffering an economic loss and should decrease output.
If the demand faced by a firm is elastic, selling one less unit of output will
a. increase revenue. b. decrease revenue. c. keep revenues constant. d. decrease price.
If Sam's manufacturing plant is in a perfectly competitive labor market where the current wage is $14 per hour, his firm can expect to drive up wages if it expands its operations by 50%
Indicate whether the statement is true or false
While opportunity cost is subjective, in some circumstances the money paid for goods and services is a good approximation of their opportunity cost
Indicate whether the statement is true or false