Under which of the following market structures would consumers likely pay the highest price for a product?
a. perfect competition
b. monopolistic competition
c. oligopoly
d. monopoly
d
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Cost-benefit analysis is just a guide to making a normative decision
a. True b. False
According to William Shepherd's examination of competitive trends in the U.S. economy, a tight oligopoly
a. is a single firm that controls the entire market and can block entry b. is an industry in which the top four firms supply more than 60 percent of the market, have stable market shares, and cooperate with each other c. is an industry in which the top four firms supply more than 60 percent of the market, have unstable market shares, and do not cooperate with each other d. is an industry in which a single firm has over half the market share and no close rival e. is an industry in which a single firm has over one-third of the entire market, the market share is stable, and the firm cooperates with other firms in the industry
Assume that the market for executive travel is perfectly competitive. If the availability of time-sharing reduces transaction costs and the owner's cost of negotiating for a single trip, which of the following situations must occur?
a. The hours of flight available will increase. b. The hours of flight available will decrease. c. The cost of flying will remain steady. d. The cost of flying will increase.
Having insatiable wants is similar to saying that
a. people should not be so greedy b. more is always better c. total satisfaction is obtainable d. resources are scarce e. limits are surmountable