If the economy goes into a recession and incomes fall, what happens in the markets for inferior goods? ( )
A. Prices and quantities both rise.
B. Prices and quantities both fall.
C. Prices rise, quantities fall.
D. Prices fall, quantities rise.
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A life-saving medicine without any close substitutes will tend to have ( )
A. a small elasticity of demand.
B. a large elasticity of demand.
C. a small elasticity of supply.
D. a large elasticity of supply.
When a good is taxed, the burden of the tax falls mainly on consumers if ( )
A. the tax is levied on consumers.
B. the tax is levied on producers.
C. supply is inelastic, and demand is elastic.
D. supply is elastic, and demand is inelastic.
Which of the following conditions does NOT describe a firm in a monopolistically competitive market? ( )
A. It makes a product different from its competitors.
B. It takes its price as given by market conditions.
C. It maximizes profit both in the short run and in the long run.
D. It has the freedom to enter or exit in the long run.
An efficient allocation of resources maximizes ( )
A. consumer surplus.
B. producer surplus.
C. consumer surplus plus producer surplus.
D. consumer surplus minus producer surplus.
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