A duopoly is
A. An illegal, price-fixing cartel.
B. a two-firm oligopoly.
C. a two-firm monopoly.
D. an identical pair of perfectly competitive industries.
Answer: B
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The market demand for a public good can be determined by
A) adding up the total private benefits and external benefits that each quantity provides the citizens of a country. B) adding up how much each consumer is willing to pay for each unit of the public good. C) adding up how much each citizen expects to consume at each possible price. D) estimating the value of the benefit that each unit provides and multiplying that by the number of consumers.
As people consume more and more of a particular good or service, we can predict that _____________ .
a. Marginal utility of each additional good consumed will fall and total utility will increase, but more rapidly than before b. Marginal utility of each additional good consumed will fall and total utility will increase, but more slowly than before c. Marginal utility of each additional good consumed will rise and total utility will increase, but more rapidly than before d. Marginal utility of each additional good consumed will rise and total utility will increase, but more slowly than before.
If a teacher tells a student that those who attend the study session typically score higher on the final exam
A. the student has a negative incentive to attend the study session because she will be punished if she does not go. B. the student has a positive incentive to attend the study session because she may get a higher grade. C. a "C" student will be making an irrational decision if she decides to skip the study session since she has plenty of time to go. D. the student has no greater incentive to attend because there is no guarantee she will get a higher grade on the exam.
If the firm operated at optimum efficiency, how much would its output be?
