Suppose there are only three firms in a market. The largest firm has sales of $500 million, the second-largest has sales of $300 million, and the smallest has sales of $200 million. The market share of the largest firm is
A. 40 percent.
B. 50 percent.
C. 100 percent.
D. 60 percent.
Answer: B
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A vertical Phillips Curve is consistent with
A) a constant price level. B) constant velocity. C) an upward sloping aggregate supply curve. D) a vertical aggregate supply curve.
By saying that MRS = MRT, an economist means that
A) for all goods, the value that society places on the last unit produced equals the cost of making that unit. B) for all goods, the value that a consumer places on the last unit consumed equals the value that all consumers would place on that unit. C) society is able to produce more output of one good without reducing the output of any other good. D) no other output mix is technically feasible.
Refer to Scenario 12.3. What is the monopoly price of this new drink?
A) 0 B) $3 C) $13.50 D) $16.50 E) $27
Which of the following is true of the disposable income of the households?
a. An increase in the average price level lowers the disposable income of the households. b. Disposable income refers to the purchasing power of nominal income. c. An increase in direct taxes will lower the disposable income of the households. d. A decrease in government transfers will increase the disposable income of the households. e. Disposable income refers to the net private transfers of the household sector.