The Great Depression began in
A. the second half of 1929.
B. the middle of 1930.
C. early 1932.
D. March 1933.
A. the second half of 1929.
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In monopolistic competition, when firms make an economic profit
A) the existing firms continue to make an economic profit in the long run because of product differentiation. B) new firms enter the industry so that the price falls and the economic profit eventually falls to zero. C) new firms enter the industry so that output decreases and the economic profit increases. D) new firms enter the industry so that output increases and the economic profit increases.
Lizzie's budget line is shown in the figure above. If Lizzie's income is $20, which of the following formulas represents her budget equation?
A) QC = 20 + QM B) QC = 20 - QM C) QC = -20 + 2 QM D) QC = 20 - 2QM
When a variable can take on different values
a. it is a random variable b. it is a dependent variable c. it is an dummy variable d. it is an endogenous variable
The price of a piece of pizza is $1 and the price of a movie is $4 and the consumer has $10. A consumer has purchased 2 pieces of pizza and 2 movies, receiving 25 units of utility for the second pizza and 100 units of utility for the second movie. The set of goods
A. is an optimum since the entire income is spent and total utility is minimized. B. is not an optimum because the marginal utility per dollar spent is greater for pizza than for movies. C. is an optimum since the entire income is spent and the marginal utility per dollar spent is the same for the last unit of each good. D. is not an optimum because the consumer has not spent all of his money.