Microeconomic topics do not usually include:
a. the impact of large government budget deficits on private investment spending.
b. the determinants of the supply of wheat by farmers
c. the determinants of the demand for DVD players by consumers.
d. the impact of a change in the price of leather used to manufacture shoes.
a
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A market in which many firms sell identical products is
A) a monopoly. B) an oligopoly. C) only perfectly competition. D) only monopolistic competition. E) both perfect competition and monopolistic competition.
Refer to Figure 12-5. The figure shows the cost structure of a firm in a perfectly competitive market. If the firm's fixed cost increases by $1,000 due to a new environmental regulation, what happens to its profit-maximizing output level?
A) It remains the same. B) It decreases. C) It increases. D) It could increase, decrease, or remain constant, depending on whether the firm is able to cut costs somewhere else.
The opportunity cost of going to college includes the costs of tuition, books, fees, and
a. nothing else b. housing c. housing and food d. earnings forgone by not working full-time e. housing, food, and earnings forgone by not working full-time
When a good is nonrivalrous in consumption, then: a. consumption by an additional individual will significantly reduce the benefits derived by others from a public good. b. individuals who refuse to pay for a public good cannot be excluded from benefiting from it
c. consumption by an additional individual does not prevent others from benefiting from a public good. d. individuals who refuse to pay for a public good can be excluded from benefiting from it.