Firms in a trust:
A. act as a single firm.
B. act in their own self-interests.
C. trust each other.
D. do not allow a small number of trustees to make decisions for participating firms.
Answer: A
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When a monopolist increases output, total revenue will:
A. increase if the price effect outweighs the quantity effect. B. decrease if the quantity effect outweighs the price effect. C. increase if the quantity effect outweighs the price effect. D. increase but it will have no price effect.
In 2005, about 5 percent of all members of the U.S. labor force were holding more than one job. This is called moonlighting. To reduce unemployment, should the government ban moonlighting?
What will be an ideal response?
The ________ curve intersects the average variable cost curve at the minimum value of the average variable cost curve.
A. total variable cost B. total cost C. average fixed cost D. marginal cost
Nabamitta is a doctor in a foreign country. When she first began medical school the number of doctors in her country was strictly limited by the government
Although the barriers to becoming a doctor were high, she invested nearly a decade of her life attempting to get a license because she knew if she received one she would be assured of a steady stream of patients. Soon after receiving a license, however, her country eliminated all barriers to entry in medical services. The result of the deregulation will likely be _____ for past license holders such as Nabamitta. a. transitional gains b. decreased competition c. transitional losses d. a new regulatory cartel