Regulating a monopolistically competitive market:
A. is easier than regulating a monopoly.
B. is more difficult than regulating a monopoly.
C. is very common in the U.S. today.
D. has grown over the past 50 years.
B. is more difficult than regulating a monopoly.
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A country produces only apples and bananas. Moving from point A to point B along its production possibilities frontier, 5 apples are gained and 4 bananas are forgone. What is the opportunity cost of an apple?
A) 4/5 of a banana B) 5/4 of a bananas C) 4 bananas D) 1 apple E) None of the above answers is correct.
Suppose a firm's costs are F + v ? q2 where F and v are positive real numbers and the firm sells its product at the market determined price p. Profits are calculated using
A) p ? q - F - v ? q2. B) [p -(F/q + v ? q)] ? q. C) [(p ? q)/q -(F + v ? q)/q] ? q. D) Both A and B.
Economics is generally concerned with
a. the operation of banks and the stock market. b. business management. c. how resources are allocated among alternative goals. d. the right time to start a business.
Janine’s country is wealthy and has a large amount of capital. If her country adds a single unit of capital, the result will be a relatively ______ in output.
a. large decrease b. minor decrease c. large increase d. minor increase