A critical assumption is one
a. that affects a model in important ways
b. that is understood only by economists
c. that makes a model simpler without affecting any of its important conclusions
d. with negative implications for a process or outcome
e. that is critically unreasonable
A
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Compared to a single-price monopoly, when a monopoly can perfectly price discriminate, the deadweight loss
A) increases. B) decreases. C) remains the same. D) becomes infinite. E) probably changes, but more information is needed to determine if it increases, decreases, or remains constant.
A key indicator of the hardship experienced during the Great Depression is the:
A. high rate of inflation. B. large budget deficits. C. large trade deficits. D. high rate of unemployment.
Which of the following is characterized by having few sellers, similar prices among sellers, and difficult market entry?
a. oligopoly b. pure competition c. monopoly d. monopolistic competition e. state socialism
Which statement is false?
A. Between 1789 and 1812 the United States' population doubled. B. Between 1812 and 1835 the United States' population doubled. C. Between 1835 and 1858 the United States' population doubled. D. None of the statements are false.