data show that among the firms that produce bananas, dole has 26% of sales, del monte has 14% of sales, fyffes has 8% of sales and nabob has 5% of sales. all other firms has the rest of sales. this information suggests that:
a) firms in the industry are "price takers"
b) the firms in the industry are likely to engage in strategic behaviors and interaction
c) the banana industry has a strong oligopoly
d) the industry wold be described as monopolistic competitive
e) b and c likely to occur
e) b and c likely to occur
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Which of the following accurately describes a major difference between a monopolist and firms in perfectly competitive markets?
a. The monopolist maximizes profit; firms in perfectly competitive markets maximize sales b. The monopolist may earn long-run economic profit; firms in perfectly competitive markets cannot. c. The monopolist is a price taker; firms in other markets are price searchers. d. The monopolist may earn short-run profit; firms in perfectly competitive markets cannot.
Which of the following is most important for the achievement of higher income levels and living standards?
What will be an ideal response?
Which statement best describes international comparisons of unionization rates?
A. Private sector unionization is about the same (around 20%) in all developed countries. B. Private sector unionization rates exceed public sector unionization rates in all developed countries. C. Private sector unionization rates have fallen significantly in all developed countries over the last 40 years. D. Private sector unionization is greater in less-developed countries than in developed countries. E. Private sector unionization rates vary greatly by country.
A reason why a perfectly competitive firm's demand for labor curve slopes downward is that
A) each additional unit of labor hired is less efficient than previously hired units. B) the extra cost of hiring additional units of labor increases as a firm hires more units of labor. C) in the short run, as more labor is hired, labor's marginal product falls because of the law of diminishing returns. D) the firm's demand curve for the product that uses labor is downward sloping.