Using the data in the table above, at the price of $80 a phone,
A) a shortage of 25,000 cellular telephones occurs.
B) a surplus of 80,000 cellular telephones occurs.
C) a surplus of 25,000 cellular telephones occurs.
D) a shortage of 55,000 cellular telephones occurs.
E) the market is in equilibrium.
C
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In monopolistically competitive markets, free entry and exit suggests that
a. the market structure will eventually be characterized by perfect competition in the long run. b. all firms earn zero economic profits in the long run. c. some firms will be able to earn economic profits in the long run. d. some firms will be forced to incur economic losses in the long run.
Suppose a society consists of only two people, John and Jane. A utilitarian would say that the proper role of government in this society is to
a. equalize the incomes of John and Jane. b. equalize John's utility and Jane's utility. c. equalize John's marginal utility and Jane's marginal utility. d. maximize the sum of John's utility and Jane's utility.