If price were $14, there would be a (shortage or surplus) _____ of _____.

surplus; 30

Economics

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Compared to an efficient perfectly competitive industry, the monopolist will

A) produce less output at a higher total cost. B) produce less output and charge a higher price. C) produce more output at a higher price and higher profit. D) produce more output at a lower price.

Economics

Many economists consider medical care a superior good. Which of the following statements is true regarding a superior good?

a. Consumers want more of a superior good regardless of its price. b. When the price of a superior good increases, consumers demand more of it. c. As consumer income increases a larger percentage of that income is spent on superior goods. d. A superior good has an income elasticity of demand greater than one. e. Both c and d are true of superior goods.

Economics