A very high fixed cost and a relatively low marginal cost is associated with
A) every type of good or product.
B) an information product.
C) a persuasive good.
D) an experience good.
Answer: B
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Which of the following statements is CORRECT?
A) When demand increases, both the price and the quantity increase. B) When demand decreases, the price rises and the quantity decreases. C) When supply increases, the quantity decreases and the price rises. D) When supply decreases, both the price and the quantity decrease.
"Economists assume people are selfish." Do you agree with this statement or not? Explain
What will be an ideal response?
The primary difference between a monopolistically competitive firm and a monopoly is:
A. the ability for competition to enter the market in the long run. B. the ability for competition to enter the market in the short run. C. only the monopolistically competitive firm is a price taker. D. only the monopolist can set his price equal to demand.
Which of the following would make the equilibrium real interest rate decrease and the equilibrium quantity of loanable funds increase?
a. The demand for loanable funds shifts right. b. The demand for loanable funds shifts left c. The supply of loanable funds shifts right. d. The supply of loanable funds shifts left.