A landscaper purchases a lawnmower, a rake, a truckload of gravel, and a chainsaw. Which of these four goods would most likely be considered as a commodity?
(A) A rake
(B) A truckload of gravel
(C) A chainsaw
(D) A lawnmower
Answer: (B) A truckload of gravel
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The difference between a perfectly competitive firm and a monopolistically competitive firm is that a monopolistically competitive firm faces a:
A. horizontal demand curve and price exceeds marginal cost in equilibrium. B. downward-sloping demand curve and price exceeds marginal cost in equilibrium. C. horizontal demand curve and price equals marginal cost in equilibrium. D. downward-sloping demand curve and price equals marginal cost in equilibrium.
Health Care is not like other goods and services because
A. people do not have to pay for it. B. if a newly discovered cure costs a lot, we say, incorrectly, that its price has risen. C. there is no motive to consume more than is economically efficient. D. we tend to like to go to the doctor and do it for enjoyment, whereas we hate going to the dentist.
If the AC curve in the above graph represents the minimum of the average total cost curve, then examples of X-inefficiency would best be represented by point:
A. A at output level Q1 and point B at output level Q2. B. E at output level Q2 and point F at output level Q3. C. A at output level Q1 and point D at output level Q1. D. D at output level Q1 and point C at output level Q3.
________: cooperative pool formed by oligopolists to set artificially high prices
Fill in the blank(s) with correct word