When something of value has no price attached to it,
a. externalities will be present.
b. production of the product has no cost.
c. government should not intervene to produce the product.
d. private companies will eventually produce the product, and the good will no longer be free.
a
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The table above shows the demand and costs for a single-price monopolist. The maximum economic profit this firm can make equals
A) $1,390. B) $1,550. C) $1,580. D) $2,400.
Average fixed costs of production
A) will rise at a fixed rate as more is produced. B) remain constant. C) graph as a U-shaped curve. D) fall as long as output is increased.
Behavioral economics helps explain why customers ________ at J.C. Penney
A) responded negatively to both sales and coupons and the policy of everyday low prices B) were equally happy with sales and coupons and the policy of everyday low prices C) favored the policy of everyday low prices and not sales and coupons D) favored sales and coupons and not the policy of everyday low prices
If expectations about inflation are adaptive, they are ________
A) formed by looking at the future B) likely to change rapidly C) based on past inflation D) all of the above E) none of the above