Which of the following is characteristic of a perfectly competitive firm's demand curve?
A. Its elasticity coefficient is 1 at all levels of output.
B. Average revenue is less than price.
C. It's the same as the market demand curve.
D. Price and marginal revenue are equal at all levels of output.
Answer: D
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If a nation remains poor over time, it could be that:
a. c and e. b. d and e. c. the population growth rate is at least as much as the national GDP growth rate. d. the per capita real GDP growth rate is larger than the population growth rate. e. the national real GDP growth rate is lower than the population growth rate.
Network affects can be present when the
A) internet was initially open to everyone. B) costs of production are low relative to the cost of distribution. C) cost of production are low relative to the costs of rent-seeking. D) costs of distribution are low relative to the costs of production.
The assertion that the median voter is "king" refers directly to the result established by the
a. Arrow impossibility theorem. b. Condorcet paradox. c. median voter theorem. d. Borda mechanism.
The time between recognizing the existence of a problem and adopting a course of action to deal with the problem is called the
A) impact lag. B) recognition lag. C) implementation lag. D) theory lag.