When a second firm enters a monopolist's market, the monopolist's marginal revenue curve will:
A. shift to the left as its initial demand curve shifts to the left.
B. shift to the right as its initial demand curve shifts to the right.
C. remain the same.
D. None of these
Answer: A
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The value of unpaid childcare services provided by a stay-at-home dad ________ included in GDP; the value of daycare services purchased from a licensed childcare provider ________ included in GDP.
A. is; is B. is not; is C. is; is not D. is not; is not
If aggregate expenditure is less than GDP, then inventories rise and GDP falls
Indicate whether the statement is true or false
Jim's Hardware Supply has theft insurance. Jim also has an alarm system. The alarm system has just recently malfunctioned. If Jim has the alarm system repaired, it will cost him $100. The probability of a theft occurring is p = 0.0001
If a theft occurs and there is no alarm system, the value of stolen materials will be $125,000. However, Jim's insurance will compensate him fully for the loss. No thefts will occur if the alarm system is in place. What is the expected cost to Jim of repairing the alarm system? What is the expected cost to society of not repairing the alarm system?
A mixed economy
A. Is justified by the superiority of laissez faire over government intervention. B. Utilizes both market and nonmarket signals to allocate goods and services. C. Is one that allows trade with other countries. D. Relies on the use of central planning by private firms rather than the government.