A purely monopolistic firm:
A. has no entry barriers.
B. faces a downsloping demand curve.
C. produces a product or service for which there are many close substitutes.
D. earns only a normal profit in the long run.
Answer: B
Economics
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If the price of a good is $0, a consumer will
a. consume an infinite quantity. b. consume all units with positive marginal utility. c. consume the entire amount supplied. d. consume until total utility becomes 0.
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Of the children who grew up in long-term poverty (those living at least 9 years of their childhood in poverty), what percentage of them are from black families?
A. 50. B. 60. C. 70. D. 80.
Economics