The more bowed (skewed) the Lorenz curve
A. the more equal the distribution of income.
B. the more unequal the distribution of money income.
C. the greater the total income of the society.
D. the greater the number of households in the society.
Answer: B
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? Assume that Figure 4-4 shows demand for MP3 players. An increase in the price of music downloads changes demand from
A. D1to D2. B. D2to D1. C. D2to D3. D. D1to D3.
Comment on the following statement: "Isoquants must be downward sloping."
What will be an ideal response?
If faced with the same cost conditions as a perfectly competitive firm, a monopoly will
a. charge a lower price than the perfectly competitive firm. b. charge a higher price than the perfectly competitive firm. c. charge the same price as the perfectly competitive firm. d. refuse to operate in the short run unless an economic profit can be made.
Which of the following is FALSE regarding bilateral monopoly?
A) Bilateral monopoly is a market structure consisting of a monopolist and a monopsonist. B) Bilateral monopoly is defined as a market structure in which a single buyer faces a single seller. C) An example of bilateral monopoly is a state education employer facing a single teachers' union in the labor market. D) The price outcome is easily determined.