Pure monopoly is defined as a
a. one-firm industry.
b. market structure in which there are many substitute products.
c. market structure maintained by entry of many rival firms.
d. market structure created by special government sanctions.
a
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Which of the following variables do you need to know to calculate marginal cost?
i. change in total cost ii. marginal product of labor iii. change in quantity of labor used iv. change in output A) i and ii B) i and iv C) ii and iv D) i, iii, and iv E) Only ii
Laura's Pizza Place incurs $800,000 per year in explicit costs and $100,000 in implicit costs. The restaurant earns $1.3 million in revenues. Based on this information, what is the accounting profit for Laura's Pizza Place?
A) $200,000 B) $400,000 C) $500,000 D) $900,000
Which of the following statements is not related to the price controls that existed during World War II?
a. Price ceilings facilitated the formulation of black markets for automobiles. b. A black market for meat formed, referred to as "meat-easies," due to a price ceiling on meat. c. Price ceilings created an excess demand of consumer durable goods. d. Despite price ceilings, hidden price increases were realized through deterioration in the quality of goods.
The utility of a good measures its satisfaction rather than its usefulness
a. True b. False Indicate whether the statement is true or false