In the long run, the firms in a perfectly competitive market
A) maximize their profit.
B) make an economic profit.
C) display price setting behavior.
D) are protected by barriers to entry.
A
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If the supply of a factor is perfectly inelastic, then
A) no more than the existing quantity can be supplied. B) the supply curve is horizontal. C) sellers will provide whatever quantity is demanded at the going price. D) a fall in price results in no quantity being supplied.
Traders working for banks are subject to the
A) principal-agent problem. B) free-rider problem. C) double-jeopardy problem. D) exchange-risk problem.
Use the above table. What percentage of income is received by the poorest 60% of the population?
A) 27.78 percent B) 33.33 percent C) 44.44 percent D) 55.56 percent
Insurance policies can be bought to cover unexpected costs due to which kind of risk?
A. Automobile theft B. Fire damage to your home C. Fighting a rare disease D. Individuals can buy insurance to cover all these risks.