Which of the following is NOT a characteristic or focus of microeconomics?
A) individual consumers.
B) analysis of aggregate economic variables
C) firm behavior
D) individual markets
B
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A monopoly is inefficient because: a. consumers are forced to pay higher prices for products
b. firms are able to earn economic profits. c. the cost of increased production is less than the value that society places on it. d. price exceeds marginal revenue.
A market system is not considered an effective way of controlling self-interest
a. True b. False Indicate whether the statement is true or false
If the exchange rate between the U.S. dollar and the Russian ruble was 0.04 ($0.04 = one ruble), what would be the price in dollars of a bottle of Russian wine selling for 2,000 ruble?
a. $50 b. $80 c. $100 d. $500
The quantity sold in a market will decrease if the government decreases a
a. binding price floor in that market. b. binding price ceiling in that market. c. tax on the good sold in that market. d. All of the above are correct.