In oligopoly, firms
A. by virtue of their size, are able to influence price regardless of whether or not the product is differentiated or standardized.
B. are able to influence price only if the oligopolist's products are differentiated.
C. have no influence over price regardless of whether or not the product is differentiated or standardized.
D. are able to influence price only if the oligopolist's products are standardized.
Answer: A
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Refer to the table below. If Tacos R Us sells its taco shells separately, what is the profit-maximizing price to charge?
Tacos R Us sells two different types of products; taco shells and taco sauce. For simplicity, assume that the marginal cost of each product is $0, so that Tacos R Us' total revenue is also its total profit.
A) $5
B) $3
C) $7
D) $4
What are the benefits of using a pollution tax rather than a command-and-control system to internalize an externality?
What will be an ideal response?
A A country has 50 million people, 30 million of whom are adults. Of the adults, 5 million are not interested in working, another 5 million are interested in working but have given up looking for work, and 5 million are still looking for work. Of those who do have jobs, 5 million are working part time but would like to work full time, and the remaining 10 million are working full time. What is this country's labor force participation rate?country has 50 million people, 30 million of whom are adults. Of the adults, 5 million are not interested in working, another 5 million are interested in working but have given up looking for work, and 5 million are still looking for work. Of those who do have jobs, 5 million are working part time but would like to work full time, and the remaining 10
million are working full time. What is this country's unemployment rate? What will be an ideal response?
Refer to Figure 16.2. For the given Phillips curve, a decrease in aggregate demand, ceteris paribus, could cause a
A. Rightward shift in the curve. B. Movement from point A to point B. C. Movement from point B to point A. D. Leftward shift in the curve.