A consumer is likely to _____________ his opportunity costs when ____________.
A. undervalue; they are not right in front of him
B. undervalue; they are obvious
C. overvalue; they are not obvious
D. overvalue; they are right in front of him
A. undervalue; they are not right in front of him
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If a firm collects $90 in revenue when it sells 4 units, $100 in revenue when it sells 5 units, and $105 in revenue when it sells 6 units, then one can infer the firm is a:
A. perfect competitor. B. monopolist. C. price taker. D. profit maximizer.
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
At the beginning of the Vietnam War, increased military spending in the United States decreased unemployment
Indicate whether the statement is true or false
Free ridership is associated with market failure, resulting in lower than efficient prices and higher than efficient quantities
Indicate whether the statement is true or false