Which of the following examples involves a nondurable good?
a. Luciana brings a fold-up chair to a picnic.
b. Jacob rents a car to drive to a picnic.
c. Karen uses a bowl for a picnic.
d. Albert buys a pie for a picnic.
d. Albert buys a pie for a picnic.
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Do all valuable items have price tags?
A. No, because some valuable items have no opportunity cost. B. Yes, because everything has its price. C. Yes, because price is the measure of opportunity cost. D. No, some have no explicit price on them. E. Yes, because only items that can be sold in markets have value.
Deadweight loss results from a misallocation of resources
a. True b. False Indicate whether the statement is true or false
Use the following graph showing the demand and marginal revenue curves faced by a pure monopoly to answer the next question.
If the pure monopoly wants to sell quantity Q1, it should charge
A. P1. B. P2. C. 0. D. a price not labeled on the graph.
In monopolistic competition there is/are
A) only one seller who faces a downward-sloping demand curve. B) many sellers who each face a perfectly elastic demand curve. C) a few sellers who each face a downward-sloping demand curve. D) many sellers who each face a downward-sloping demand curve.