All monopolies exist because of
a. firms' desire to maximize profits.
b. failure of antitrust laws.
c. barriers to entry.
d. natural selection.
c
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According to the theory of the invisible hand, if buyers and sellers are free to pursue their own self-interest, the result often will be:
A. an equitable allocation of resources. B. an incomplete allocation of resources. C. an efficient allocation of resources. D. the exploitation of productive resources.
Economists classify energy and water as part of which factor of production?
A) land B) labor C) capital D) entrepreneurship E) land if undeveloped and capital if developed
A(n) ________ market is a non-legal market for regulated goods and services
A) open B) closed C) black D) oligopoly
Figure 5-14
Martha initially buys the combination of pens and pencils shown as A in Figure 5-14. After the prices of both goods change, she buys combination B. It must be true that
A. Martha prefers A to B. B. Martha prefers B to A. C. Martha is indifferent between A and B. D. Martha’s preferences between A and B cannot be determined from the information given.