Suppose a monopolist and a perfectly competitive firm have the same cost curves. The monopolistic firm would:
a. charge the same price as the perfectly competitive firm.
b. refuse to operate in the short run unless an economic profit could be made.
c. charge a higher price than the perfectly competitive firm.
d. charge a lower price than the perfectly competitive firm.
c
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With voluntary exchange, a buyer and seller agree to do business together
a. only for the benefit of the seller b. only for the benefit of the buyer c. for the mutual benefit of both d. for the benefit of neither
Most students expect that if they spend more time studying, the outcome will be improved grades in the course. This supposes that: a. a positive relationship exists between studying and grades. b. a negative relationship exists between studying and grades. c. grades are independent variables
d. grades are not dependent variables.