The price mechanism deals _____ with the issue of an equitable income distribution and ____ with the issue of efficiency.
A. well; well
B. poorly; poorly
C. well; poorly
D. poorly; well
D. poorly; well
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In the above, as the y variable increases
A) the x variable is constant. B) the x variable increases. C) the x variable decreases. D) the x variable at first increases but then decreases.
The total volume of business sales in our economy is several times as large as the GDP because:
A. the GDP excludes intermediate transactions. B. the GDP grossly understates the value of our annual output. C. the GDP does not take taxes into account. D. total sales are in money terms and GDP is always stated in real terms.
In Figure 21.4, a firm that produces over 800 units of output should choose a plant with which short-run average total cost function?
A. ATC3 only. B. Either ATC2 or ATC3. C. ATC1 only. D. ATC2 only.
Product differentiation is used by an oligopoly in an effort to gain market share.
Answer the following statement true (T) or false (F)