If a government determines that the provision of services by museums should be encouraged, then this means that the government has judged museum displays to be a(n)
A) government-sponsored good.
B) exclusive good.
C) government-inhibited good.
D) public good.
A
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Which of the following is a major implication of the invisible hand concept?
a. When directed by competitive market prices, the actions of self-interested individuals will tend to promote overall economic prosperity. b. Prosperity cannot be achieved unless the selfish nature of people can be changed. c. Competition is harmful to the health of an economy because it results in wasteful duplication. d. Government-operated firms tend to have higher efficiency and lower costs than private sector firms.
In a monopolistically competitive industry in long-run equilibrium
A. price equals marginal cost for each firm. B. each firm is making a normal profit. C. each firm is producing the output at which long-run average cost is at its minimum point. D. all of the above E. none of the above
Which of the following affects the ATC curve for a firm but not the MC curve?
A. A change in payroll taxes. B. A change in the price of the good. C. A change in profit taxes. D. A change in property taxes.
Why aren’t the tools of product market analysis directly applicable to the resource market?
What will be an ideal response?