Which of the following is an endogenous variable in our model of the goods market in Chapter 3?
A) consumption (C)
B) disposable income (YD)
C) saving (S)
D) total income (Y)
E) all of the above
E
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What does each point on the production possibilities curve represent? (check all that apply)
a. Inefficiency in production b. Efficiency in production c. The maximum output of two products d. The maximum output of many products
Usually when a monopoly that isn't a natural monopoly is broken up, the losses to the producer outweigh the gains to consumers.
a. true b. false
A firm has a marginal cost of $200 and charges a price of $500. The Lerner index for this firm is:
A. 0.50. B. 1.50. C. 0.60. D. 0.20.
Recall the Application about the marginal cost involved in producing crude oil to answer the following question(s).Recall the Application. If the price of oil is only $15 per barrel, which country is most likely to be selling crude oil?
A. Saudi Arabia B. the United States C. Canada D. Norway