High fuel prices and losses by smaller firms have resulted in a considerable amount of consolidation in the trucking industry, which now most closely resembles the oligopoly market structure
Indicate whether the statement is true or false
FALSE
You might also like to view...
In equilibrium, rent seeking eliminates the
A) deadweight loss. B) economic profit. C) consumer surplus. D) demand for the product. E) opportunity to price discriminate.
The above figure shows the costs at Barney's Bagel Bakery. For which of the following levels of output does the average product of labor exceed the marginal product of labor?
A) at 1000 bagels daily B) at 2000 bagels daily C) at 3000 bagels daily D) all of the above
In the short run a firm’s lowest cost level of output is the minimum point on its _________ cost curve.
A) average total B) total variable C) average fixed D) marginal
Opening trade between two nations would:
A. shift their production possibilities curves outward. B. shift their production possibilities curves inward. C. leave the production possibilities unchanged and increase their consumption possibilities. D. leave the production possibilities unchanged and decreased their consumption possibilities.