If a monopolized industry should become purely competitive without any change in cost conditions:
A. both price and quantity produced will decrease.
B. both price and quantity produced will increase.
C. price will increase and quantity produced will decrease.
D. price will decrease and quantity produced will increase.
Answer: D
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If Mary earns $80,000 in taxable income and pays $40,000 in taxes, her marginal tax rate must be 50 percent
a. True b. False Indicate whether the statement is true or false
In almost all cases of common resources, the same problem arises as in the Tragedy of the __________
Fill in the blank(s) with correct word
Suppose that medical technicians and nurses' aides are not unionized. If the nurses' aides unionize, then the wages of
a. both medical technicians and nurses' aides will rise. b. both medical technicians and nurses' aides will fall. c. medical technicians will rise, and the wages of nurses' aides will fall. d. nurses' aides will rise, and the wages of medical technicians will fall.
The current rate of unemployment is 5 percent. This statement:
A) is positive. B) is normative. C) involves a value judgment. D) is a personal reflection and has no value in economics.