The personal computer operating systems industry can be best modeled using the model of
A. oligopoly.
B. monopolistic competition.
C. perfect competition.
D. monopoly.
Answer: D
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A limited military draft is likely to be inefficient because
a. it transfers wealth from those who are drafted to those who benefit from the army's services. b. the wage rate paid to army personnel is set by the government, not by the market. c. more people will be drafted than would have joined a volunteer army. d. there is no guarantee that young adults with the lowest opportunity costs will be drafted.
When a product is taxed,
A) part of the initial consumer surplus goes to the government as revenue. B) part of the initial consumer surplus becomes a deadweight loss. C) the producer surplus never changes because consumers pay taxes, not producers. D) Both answers A and B are correct. E) Both answers B and C are correct.
Explain the difference between a change in demand and a change in quantity demanded. What leads to each of these changes?
What will be an ideal response?
Externalities get their name from the fact that they are
a. of no value b. valued above the market price c. short lived d. outcomes created by markets that take no account of these outcomes e. outcomes created by markets that take these outcomes into account