Monopolies can ________ in the long run while monopolistically competitive firms ________ due to barriers to entry in monopoly but not in monopolistic competition.
A. earn positive economic profits; cannot
B. break even; cannot
C. only break even; can only earn positive economic profits
D. can never shut down; can
Answer: A
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Since 1305, of the following centuries the inflation rate has been the highest during the
A) 17th century. B) 16th century. C) 20th century. D) 14th century. E) 15th century.
An economy produces only food and shelter. There are two individuals in the economy: Bill and Mary. Mary's opportunity cost of producing 1 unit of shelter is 2 units of food. Bill's opportunity cost of producing 1 unit of shelter is 4 units of food
A) Bill has a comparative advantage over Mary in the production of shelter. B) Mary has a comparative advantage over Bill in the production of food. C) Mary has a comparative advantage over Bill in the production of shelter. D) Bill has an absolute advantage over Mary in the production of shelter.
Perfect price discrimination is also known as
A) first-degree price discrimination. B) yield management. C) third-degree price discrimination. D) monopoly.
Briefly describe the three prominent schools of thought in political philosophy. Identify one of the most well-known philosophers in each school