The four largest firms account for approximately 95% of U.S. cigarette sales. The U.S. cigarette industry would be best classified as a(n)
A. oligopoly.
B. monopolistically competitive industry.
C. monopoly.
D. perfectly competitive industry.
Answer: A
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Refer to Resource Supply/Demand. The rent earned by the owner of the resource is measured by
The following questions refer to the accompanying graph, which shows the supply and demand for a resource. The owner of the resource is receiving the price P0 and is providing the quantity Q0.
a. area A + B + C.
b. area B + C + D.
c. area B + C.
d. area C + D.
If the x-axis variable increases while the y-axis variable decreases, the variables x and y are negatively related
Indicate whether the statement is true or false
GDP minus the net income of foreigners is: a. personal income
b. national income. c. GNP. d. net national income.
If the first four units of a good consumed have marginal utilities of 10, 9, 8, and 7, respectively, this trend is an indication of the:
a. law of diminishing marginal utility b. minimization of utility c. law of consumer equilibrium d. law of diminishing consumer surplus