One would expect that collusion among oligopolistic producers would be easiest to achieve in which of the following cases?
A. A rather large number of firms producing a differentiated product.
B. A very small number of firms producing a differentiated product.
C. A rather large number of firms producing a homogeneous product.
D. A very small number of firms producing a homogeneous product.
Answer: D
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Under perfect price discrimination, marginal profit at each level of output equal
A) 0. B) P - AC. C) P - MC. D) P - AR.
Diminishing marginal utility means that as you consume more of a good, other things constant, the:
a. total satisfaction you obtain from consuming this good falls. b. total amount produced falls. c. marginal product falls. d. additional satisfaction you obtain from each additional unit of the good falls. e. total satisfaction you obtain from each extra good becomes constant.
Who said this? "Who is entitled to the rent of land? The producer of the land without doubt. Who made the land? God. Then, proprietor, retire!"
A. David Ricardo B. Henry George C. Pierre Joseph Proudhon D. Joseph Schumpeter
Usury laws:
A. allocate funds from low-productivity to high-productivity investments. B. establish a legal ceiling on interest rates. C. make more funds available to low-income borrowers. D. create a surplus of loanable funds.