The Condorcet paradox
a. proved that the Arrow impossibility theorem is wrong.
b. was proved wrong by the Arrow impossibility theorem.
c. serves as an example of the Arrow impossibility theorem.
d. pertains to voting systems, whereas Arrow's Impossibility Theorem does not.
c
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A firm in a monopolistically competitive market makes no economic profit in the long run because
a. long-run marginal cost will be too high to make any economic profit. b. long-run price will be equal to long run marginal cost. c. long-run marginal cost will be equal to long run marginal revenue. d. long-run price will be equal to long run average cost.
The suggestion that the Fed concentrate only on reducing inflation is an attempt to
a. stabilize the level of unemployment and inflation. b. shift the long-run Phillips curve to the right. c. improve the efficiency of the self-correcting mechanism. d. simplify demand management by focusing on only one goal.
The most likely explanation for economies of scale is
a. coordination problems. b. specialization of labor. c. increasing marginal cost. d. decreasing marginal cost.
What is the effect of monopsony on wages?
a. higher than competitive market b. lower than competitive market c. rapidly increasing over time d. steady at equilibrium level