If the production of oranges reduces global warming, then the equilibrium quantity of oranges will be ________ the socially optimal quantity.
A. higher than
B. equal to
C. lower than
D. more valuable than
Answer: C
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Which of the following is characteristic of a perfectly competitive firm's demand curve?
A. Its elasticity coefficient is 1 at all levels of output. B. Average revenue is less than price. C. It's the same as the market demand curve. D. Price and marginal revenue are equal at all levels of output.
The three business cycle models differ mostly in their treatment of ________
A) aggregate demand B) short-run aggregate supply C) long-run aggregate supply D) productivity shocks
Featherbedding by unions is an attempt to
a. increase the demand for union labor b. increase the demand for non-union labor c. decrease the demand for union labor d. increase the supply of union labor e. increase the supply of non-union labor
In the long run, in a perfectly competitive industry:
A. the number of firms in the industry will increase. B. economic loss tends to persist. C. economic profit tends to persist. D. economic profit and loss are driven to zero by entry and exit.