If a good is a Giffen good, then
a. the supply curve is downward sloping.
b. the demand curve is upward sloping.
c. the demand curve is horizontal.
d. there is no optimal level of consumption for the consumer.
b
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Lula Panagis, a bright new Ph.D. in economics, turned down many job offers because she hopes eventually to receive an offer from one of the top 10 universities. The type of unemployment she is experiencing is
a. frictional b. structural c. involuntary d. cyclical e. underemployment
Monopolistic competition describes a market with:
A. many firms that sell goods and services that are standardized. B. many firms that sell goods and services that are similar, but slightly different. C. few firms that sell goods and services that are standardized. D. few firms that sell goods and services and some barriers to entry.
Which one of the following statements is true?
A. Money flows from households to firms for resources. B. Money flows from households to foreign economies for exports. C. Money flows from government to firms for resources. D. Money flows from firms to households for resources.
Which of the following is NOT correct for a perfectly competitive firm in long-run equilibrium?
A) SAC = LAC B) MR = P = AR C) MC = MR > LAC D) LAC = P