When firms are said to be price takers, it implies that if a firm raises its price, ( ).
A. buyers will go elsewhere.
B. buyers will pay the higher price in the short run.
C. competitors will also raise their prices.
D. firms in the industry will exercise market power.
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Which of the following costs do not vary with the amount of output a firm produces?
Average fixed costs.
B. Fixed costs and average fixed costs.
C. Marginal costs and average fixed costs.
D. Fixed costs.
The incentive principle states that a person is more likely to do something if ( ).
A. the opportunity costs are high.
B. the benefits from doing it increase.
C. everyone else is doing the same thing.
D. he is paid to do it.
What must be given up to obtain an item is called ( )
A. out-of-pocket cost.
B. comparative worth.
C. opportunity cost.
D. absolute value.
When economists make normative statements, they are ( )
A. speaking as scientists.
B. speaking as policy advisers.
C. making claims about how the world is.
D. revealing that they are very liberal in their views of how the world works.
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