Imperfect information is a rationale for regulation
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is the first step when economists analyze how individuals make choices?
a. Considering what choices are possible for individuals b. Thinking about which choices individuals actually make c. Considering what choices individuals might prefer d. Considering which choices might provide maximum utility
A production possibilities frontier (PPF) is characterized by increasing opportunity costs when
a. the PPF is a straight line b. the PPF is bowed inward c. the PPF is bowed outward d. increasing opportunity costs do not occur with PPF's
A vertical merger involves a combining of one or more firms:
A. as the result of one firm purchasing the assets of the other. B. that are operating in entirely different industries. C. operating at different stages of the production process in a particular industry. D. operating at the same stage of the production process.
If price were $20, there would be _____ (shortage or surplus) of about ________.
Fill in the blank(s) with the appropriate word(s).
