The famous saying, "There is no such thing as a free lunch" means
A) we do not live in a free country.
B) the value of our dollar keeps declining.
C) people face tradeoffs.
D) people do not care about others enough.
C
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If the complicated technology costs $10million to develop, what is the expected gain from developing the thought activated software
a. $5million b. $10million c. $25million d. $50million
If the ice cream industry is a competitive price-taker market and all ice cream producers are earning zero economic profit, what will be the impact of an increase in the demand for ice cream?
a. Firms will exit the ice cream industry in the long run since they are earning zero economic profit. b. The firms will now be able to earn long-run economic profit assuming that barriers to entry remain low and new firms can enter the market. c. A shortage of ice cream will develop. d. The price of ice cream will rise initially, inducing the existing firms to expand output and new firms to enter the industry.
Which of the following may characterize a monopoly?
A. Low barriers to entry. B. Substantial market power. C. Many firms. D. Differentiated product.
Inelastic demand implies
A) that a one percent increase in price results in a smaller than one percent decrease in quantity demanded. B) that a one percent increase in price results in a larger than one percent decrease in quantity demanded. C) that a one percent cut in price results in a larger than one percent increase in quantity demanded. D) that a one percent decrease or increase in price induces no change in total revenue.