Monopoly is characterized by
A) unique products.
B) market entry and exit are difficult or impossible.
C) non-price competition not necessary.
D) All of the above
D
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If growing income inequality results from changes in technology that, as a whole, make society better off, this will
A) increase the size of the economic pie. B) decrease the size of the economic pie because of the income inequality. C) not change the size of the economic pie because the positive technology changes will be offset by the increases in income inequality. D) result in complete income inequality as technology continues to change in the future.
The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week. Between points A and B, the slope of the line is ________ the slope of the line between points B and C
A) greater than B) equal to C) less than D) unrelated to E) not comparable to
Comparative advantage is directly related to which of the following concepts?
A) productivity B) efficiency C) opportunity cost D) competition E) fairness
The above figure shows the market for pizza. The market is in equilibrium when the cheese used to produce pizza falls in price. What point represents the most likely new price and quantity?
A) A B) B C) C D) D E) E