Which of the following goods is best described as being sold in a monopolistically competitive market?
A) automobiles
B) wheat
C) fast food
D) postage stamps
C
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As a method of resource allocation, market price
A) means those who are willing and able to pay get a particular good or service. B) works well when self-interest must be suppressed. C) works best inside firms and government departments. D) is efficient when there is no effective way to distinguish among potential users of a scarce resource.
Social security provides payments
A) for food so that the poor can obtain a basic diet. B) to aid married families with dependents. C) to unemployed able-bodied workers. D) to retired and disabled workers.
What is demand?
A) The idea that buyers will purchase more of a product as the price drops B) The price and quantity of a product at which the quantity demanded is equal to the quantity supplied C) The idea that producers will offer more of a product as the price rises D) The willingness and ability of buyers to purchase a product E) None of these
Who would be more likely to study the effects of rent control on housing in New York City, a macroeconomist or a microeconomist?