Under perfect competition the person that ends up with the ________ unit is the person that values it exactly at its price.
A. last
B. first
C. marginal
D. only
Answer: C
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An export subsidy differs from a tariff in each of the following ways EXCEPT
A) a tariff generates revenue. B) a tariff is applied to imports. C) a tariff results in an efficiency loss. D) a tariff is a tax. E) a tariff discourages imports.
For a monopolistically competitive firm in long run equilibrium: a. marginal revenue equals marginal cost and price equals average cost
b. the economic profits it is earning will soon be competed away by entry. c. accounting profits are zero and price equals marginal cost. d. marginal revenue equals marginal cost and average total cost is minimized.
If the profit effect and misperception effect existed in both the short run and the long run, then SRAS is ____ and LRAS is ____
a. upward sloping; upward sloping b. upward sloping: vertical c. vertical; upward sloping d. vertical; vertical
Condorcet explained his paradox in a 1951 book called Social Choice and Individual Values
a. True b. False Indicate whether the statement is true or false