For identical cost conditions, the long-run equilibrium price under any form of imperfect competition is ____ than the long-run equilibrium price in perfect competition because of ____.
a. higher; perfectly elastic demand in imperfect competition.
b. higher; less than perfectly elastic demand in imperfect competition.
c. lower; perfectly elastic demand in imperfect competition.
d. lower; less than perfectly elastic demand in imperfect competition.
b. higher; less than perfectly elastic demand in imperfect competition.
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Economics is the study of:
a. the allocation of scarce resources and the ways in which human decision makers utilize those resources. b. the methods that human decision makers use to transform a scarce good into a non-economic good. c. how to operate a business successfully. d. a utopian society. e. how to make money in the stock market.
If mining companies are indifferent between operating and not operating a quarry, that quarry is
a. discounted. b. usurious. c. marginal. d. nonexcludable.
Marginal cost is the increase in total cost associated with a one-unit
A. Increase in input usage. B. Decrease in input usage. C. Increase in production. D. Decrease in production.
Real interest rates at times have been negative. Why would anyone lending money agree to a negative real interest rate?
What will be an ideal response?