An example of the law of variable input proportions can be found in
A. the law of increasing returns to scale.
B. the law of diminishing marginal returns.
C. the law of large numbers.
D. the law of demand.
Answer: B
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Monopoly firms in contestable markets view the major threat to an exploitation of monopoly power to be
a. government regulation b. antitrust policy c. nationalization d. laissez-faire e. the competition from new entrants
If individual firms face a horizontal demand curve at a given market price:
A. price is equal to average total cost. B. price is equal to marginal cost. C. price is equal to marginal revenue. D. price is equal to average variable cost.
Calculate the percentage change in prices from 2007 to 2009.
A. 200% B. 100% C. 175% D. 150%.
Goods are distributed among people by means of
A. a central authority. B. prices. C. markets. D. All of these are correct.