Economists assume that consumers behave in a manner consistent with the _______ of utility.
a. maintenance
b. minimization
c. maximization
d. final degree
c. maximization
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If the market in the figure above is a profit-maximizing single-price monopoly, the deadweight loss is the area ________
A) ABH B) BFGH C) ACG D) BCD E) ACE
In monopolistic competition, firms can make an economic profit in
A) the short run and in the long run. B) the short run but not in the long run. C) the long run but not in the short run. D) neither the long run nor the short run.
An increase in income causes the demand for inferior goods to_____________ and the price of inferior goods to ____________
a. Increase; increase b. Increase; decrease c. Decrease; increase d. Decrease, decrease
According to the textbook, the most important and enduring source of market power is:
A. government franchises. B. economies of scale. C. copyrights. D. patents.