OPEC is an example of a
A. cartel (though an imperfect example).
B. perfect competitor.
C. natural monopolist.
D. complete competitor.
Answer: A
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________ efficiency occurs when the firm produces a rate of output at which marginal cost equals the marginal benefit that consumers derive from the good. ________ efficiency occurs when the firm produces at the minimum point on its long-run average-cost curve
a. Social; allocative b. Productive; accounting c. Allocative; productive d. Economic; allocative
We would expect the cross elasticity of demand between Pepsi and Coke to be:
A. positive, indicating normal goods. B. positive, indicating inferior goods. C. positive, indicating substitute goods. D. negative, indicating substitute goods.
The role of the entrepreneur in society is to
A. bring the factors of production together and take the risks of producing. B. provide capital to the firm which the management combines with labor. C. control the land upon which all production takes place to get the most rent. D. regulate what products are considered safe to market.
Refer to the diagram. Which of the following would increase investment while leaving an existing investment demand curve, say, ID 2 , in place?
A. A lower interest rate.
B. A higher interest rate.
C. Lower expected returns on investment.
D. Higher expected returns on investment.