In perfectly competitive industries, firms can easily enter and exit the industry in the long run.
Answer the following statement true (T) or false (F)
True
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Freeways in large cities tend to be congested during rush hours to the point where offer little or no advantage over non-freeway routes because
A) drivers generally ignore marginal benefits and costs. B) drivers usually ignore marginal benefits and costs during rush hours. C) no monetary fee is charged for the use of freeways during rush hours. D) not enough freeways have been constructed due to special interests' control of the government. E) people need to get to work and the demand for freeway travel is consequently inelastic during rush hours.
If there are no externalities present in a market
A) the market price is too low. B) the market price is too high. C) the market price is in equilibrium. D) none of these choices are true.
Suppose that a vaccine is developed for a highly contagious strain of flu. The likelihood that anyone will get this flu decreases as more people receive the vaccine. One of the demand curves below represents the private demand for the vaccine and the other represents the social demand for the vaccine.
The private demand for the vaccine is given by ________, and social demand for the vaccine is given by ________.
A. D2; MC B. D2; D1 C. D1; MC D. D1; D2
Profit (or loss) per unit at the profit maximizing (or loss minimizing) level of output
A. is SF.
B. is SG.
C. is TH.
D. is GF.