The models of perfect competition and monopoly are the most realistic.
Answer the following statement true (T) or false (F)
False
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If macaroni and cheese is an inferior good, then a decrease in income results in
A) an increase in the demand for macaroni and cheese. B) a decrease in the demand for macaroni and cheese. C) an increase in the supply of macaroni and cheese. D) a decrease in the supply of macaroni and cheese. E) Both answers A and D are correct.
The rate at which a person is willing to give up a gallon of gasoline to get one more pound of coffee and remain on the same indifference curve is called his or her
A) relative cost of coffee in terms of gasoline. B) indifference cost of coffee. C) personal price of coffee. D) marginal rate of substitution.
Which of the following events occurred during the 2000 to 2003 time-frame and had an important impact on the deficit/surplus projections?
A. The decrease in unemployment rates from 2002 to 2003 B. The increase in inflation rates from 2000 to 2002 C. The recession of 2001 D. The increase in interest rates from 2001 to 2003
Which is NOT a characteristic of monopolistic competition?
A. lack of collusion among firms B. few firms in the industry C. small share of market to each firm D. independence of each firm's decisions