Kelly's mother gives her a laptop for her graduation from high school, but Kelly wants a smartphone. This implies that
A. Kelly is not rational by asking for a smartphone instead of a laptop.
B. Kelly's mother is not acting out of self-interest because she knows that Kelly really wants a smartphone.
C. Kelly's mother is acting out of self-interest because she wants to give Kelly something more expensive.
D. Kelly is not acting out of her self-interest by wanting something different from what her mother gives her.
Answer: C
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A) is infinite since the monopolist is the only firm in the market. B) decreases as more competition occurs in the market. C) increases as similar products enter the market. D) is undefined due to the lack of competition.
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a. slump. b. depression. c. stagnation. d. stagflation. e. trend.
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A. negative. B. positive and greater than 1. C. merely positive (not necessarily greater than 1). D. zero.