If the amount you owe on your house is greater than the price of the house, you have
A) no value to your house.
B) a mortgage rate that is too high.
C) negative equity in your house.
D) a reverse mortgage on your house.
Answer: C
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A firm that is producing the quantity at which marginal cost exceeds both average total cost and the market price will increase its economic profit by _______
A. producing a larger quantity B. raising the price to equal marginal cost C. producing a smaller quantity D. producing the quantity that minimizes average total cost
The smaller the price elasticity of demand, the
a. more likely the product is a luxury. b. smaller the responsiveness of quantity demanded to a change in price. c. more substitutes the product has. d. greater the responsiveness of quantity demanded to a change in price.
In what cases would the market share held by the dominant firm be or not be an especially relevant or important factor in determining whether a firm has too much market power?
What will be an ideal response?
Assuming the market is in equilibrium in the graph shown with demand D and supply S1, total surplus is:
A. zero. B. less than total surplus when market is in equilibrium at D and S2. C. the same as total surplus when market is in equilibrium at D and S2. D. greater than total surplus when market is in equilibrium at D and S2.