Unemployment insurance benefits are an example of _____
Fill in the blank(s) with correct word
automatic stabilizers
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Charlene is willing to pay $5.00 for a sandwich. If Charlene must pay ________ for a sandwich, she ________
A) $4.00; does not receive consumer surplus B) $4.00; receives consumer surplus C) $6.00; receives consumer surplus D) $6.00; receives a marginal cost
One key characteristic that is distinctive of an oligopoly market is that:
A. the demand curve facing each firm is downward sloping, with a marginal revenue curve that lies below the firm's demand curve. B. the decisions of one seller often influences the price of products, the output, and the profits of rival firms. C. there is only one firm that produces a product for which there are no good substitutes. D. there are many sellers in the market and each is small relative to the total market.
If there is no output for which product price is sufficient to cover variable costs
A) the firm should stay open in the short-run. B) the firm should shut down in the short run. C) the firm earns economic profits by staying open. D) the firm should increase production.
Behavioral economic theories are developed based on the following, except:
A. Assuming that people always make rational decisions and choices B. Observing people's actual behavior, including irrational behavior C. Trying to explain people's tendency to make systematic errors in certain situations D. Dropping the neoclassical assumption that people are fundamentally rational