Which of the following is NOT an economic good?
A. broccoli
B. garbage
C. a textbook
D. a haircut
Answer: B
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In monopolistic competition, free entry and free exit mean that in the long run firms in the industry make zero economic profit
Indicate whether the statement is true or false
Elasticity provides a guide to both
A. market stability and change in revenue as price changes. B. responsiveness of quantity demanded to a change in price and market stability. C. responsiveness of quantity demanded to a change in price and change in revenue as price changes. D. technological change and change in revenue as price changes.
Upon acquiring a complement the inter-relatedness of demand leads to, MR________
a. Rising b. Falling c. Staying constant d. None of the above
Referring to Figure 1.5, the opportunity cost of producing the second unit of pizza is 
A. one unit of soda. B. six units of soda. C. three units of soda.