If a monopolist earns positive economic profits in the long run,
A. the industry supply curve shifts to the right.
B. the monopolist expands production.
C. the monopolist will not change its behavior.
D. new firms will enter the market.
Answer: C
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Use the following table to answer the question below. Dave's Production Possibilities SchedulePounds of Green BeansPounds of Corn0160201204080604080 0 Dave's opportunity cost of producing 1 pound of green beans is ________ pound(s) of corn.
A. 1/2 B. 2 C. 4 D. 1
COLA stands for:
A. cost-of-living adjustment. B. cost-of-living aggregate. C. capital operations leasing adjustment. D. capital operations leasing agreement.
The income effect and the substitution effect offset each other at point
A. I.
B. J.
C. K.
D. S.
Who benefits primarily from rent controls?
A. construction workers B. all who want to rent C. only renters who are able to get units at below-market rates D. poor people looking for low-income housing