Whether an oligopoly consists of 3 firms or 10 firms, the level of output likely will be the same
a. True
b. False
Indicate whether the statement is true or false
False
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Almost 85 percent of American firms have less than
A. 20 employees. B. 100 employees. C. 500 employees. D. 1,000 employees.
The international equilibrium price is the point at which:
a. the domestic supply curve of one country intersects the domestic demand curve of another. b. the domestic demand and supply curves of a country intersects each other. c. the export supply curve of one country intersects the import demand curve of another. d. the domestic demand of the trading partners become identical. e. the domestic supply of the trading partners become identical.
For this question, assume that there are decreasing returns to capital, decreasing returns to labor, and constant returns to scale. A reduction in the capital stock will cause which of the following?
A) a reduction in output B) no change in output C) an increase in output per capita D) increase the capital-labor ratio E) none of the above
If a firm in a perfectly competitive market faces the cost curves in the graph shown and produces at the profit-maximizing level of output, which of the following is true? A firm will:
A. plan to exit the industry in the long run if price falls below $15. B. continue to operate in the short run if price is below $11. C. will earn maximum profits at a quantity of 35. D. make positive profits any time the price is greater than $11.