One reason more sport utility vehicles (SUVs) are driven in the United States than in Europe is
A) different marginal rates of substitution.
B) different marginal rates of transformation.
C) the United States hasn't had a recession since 2000-2001.
D) Either A or B
D
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A natural monopoly's average cost curve i. intersects the demand curve while the average cost curve slopes downward
ii. reaches its minimum before it intersects the demand curve. iii. intersects the demand curve below the intersection of the marginal cost curve and the demand curve. A) i only B) ii only C) iii only D) i and iii E) i, ii, and iii
According to the classicals, our economy can produce beyond the full employment output
A. only in the short run. B. only in the long run. C. in both the short run and the long run. D. in neither the short run nor the long run.
What branch of economics is concerned with effects of nutrition labeling on the dietary quality of consumers (i.e., what-if types of questions)?
A) Positive economics B) Macroeconomics C) Normative economics D) Microeconomics
The most profitable price for a monopolist is
A) the highest price a consumer is willing to pay for the monopolist's product. B) the price at which demand is unit elastic. C) a price that maximizes the quantity sold. D) found where the profit-maximizing quantity hits the demand curve.