Legal or governmental restrictions that give monopolistic advantages to a firm include all of the following EXCEPT
A. franchises.
B. environmental protection.
C. patents.
D. exclusive ownership of an unimportant resource.
Answer: D
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A change in supply cannot be caused by a change in
a. resource prices b. technology c. prices of other goods d. the price of the good itself e. the number of suppliers
Suppose that good X is a luxury and that good Y is a necessity. Which good would you expect to have more price elastic demand?
What are the advantages of a tax system for pollution control?
What will be an ideal response?
As the quantity of labor increases while the amount of other inputs are held constant, marginal product of labor will
A) increase continuously. B) decrease continuously. C) initially decrease and then increase. D) initially increase and then decrease.