If the demand curve faced by an individual firm is perfectly elastic, the firm must be a(n)
A. pure monopoly.
B. monopolistically competitive firm.
C. oligopolistic firm.
D. perfectly competitive firm.
Answer: D
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The automobile industry is an oligopoly.
Indicate whether the statement is true or false.
The loss to society resulting from a tax includes the
A) deadweight loss. B) consumer surplus paid to the government in the form of tax revenue. C) producer surplus paid to the government in the form of tax revenue. D) deadweight loss plus the consumer surplus and producer surplus paid to the government as tax revenue. E) deadweight loss minus the tax revenue collected by the government.
Refer to Table 2-4. Dina faces ________ opportunity costs in the production of sliders and hot wings
A) constant B) decreasing C) increasing D) negative
Moving down along an indifference curve: a. total utility remains constant
b. total utility decreases. c. total utility increases. d. total utility first decreases and then increases.