In a balanced oligopoly,
a. one firm has significantly greater market power than any other in the industry
b. only one firm exists in the industry
c. the industry is rapidly converging into a monopolistically competitive industry
d. all firms have near-equal market shares
e. the four-firm concentration ratio exceeds 100 percent
D
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The origins of modern monetarism lie in the work of the
A) Classical economists. B) Keynesians. C) Malthusians. D) Mercantilists.
Consider a consumer who spends all income on only two goods: pizza and soda. An extra slice of pizza would give the consumer 60 extra utils, while an extra can of soda would give the consumer 20 extra utils. Pizza costs $3 per slice, and soda costs $1 per can. In this situation, the consumer:
a. is buying too much pizza and not enough soda. b. should purchase more pizza and less soda. c. has maximized his or her total utility. d. needs to equate the marginal utilities for pizza and soda.
In the 19th century, Russian peasants noticed that during cholera epidemics there were lots of doctors around; in an attempt to eliminate cholera, they killed all the doctors. This is an example of
a. mistaking correlation with causation. b. the fallacy of opportunism. c. excessive abstraction. d. rationality. e. marginal analysis.
Which of the following transactions does not take place in the markets for factors of production in the circular-flow diagram?
a. a landowner leases land to a farmer b. a farmer hires a teenager to help with harvest c. a construction company rents trucks for its business d. a woman buys corn for dinner