A market in which firms can enter if they choose and exit without losing money invested is
A. pure monopoly.
B. duopoly.
C. contestable.
D. a market where there are kinked demand curves.
Answer: C
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If the slope of a demand curve is infinite, then the price elasticity of demand is:
A. one. B. zero. C. infinite. D. equal to the price of the good.
The average annual growth rates of labor productivity from 1948 to 1973 were ________ the average rates over the period from 1973 to 1995.
A. more rapid in the U.S., but slower in other industrialized countries than B. about the same as C. more rapid than D. slower than
Refer to Figure 11-5. Curve G approaches curve F because
A) marginal cost is above average variable costs. B) fixed cost falls as capacity rises. C) average fixed cost falls as output rises. D) total cost falls as more and more is produced.
When a single tax is imposed, the excess burden is proportional to the compensated elasticity of demand and to the square of the tax rate.
A. True B. False C. Uncertain