Paulette owns a pizza parlor. Her total cost schedule is in the above table. Her marginal cost of producing the fifth pizza is
A) $8.
B) between $8.01 and $10.00.
C) between $10.01 and $14.00.
D) between $14.01 and $78.00.
E) more than $78.01.
A
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Firms in an oligopoly often do not collude with each other because ________
A) collusion lowers profit B) collusion increases the cost of production C) collusion is illegal D) collusion increases competition
The understanding of why an economy is contracting during slowdowns and how to recommend appropriate policies is studied under:
A) macroeconomics. B) microeconomics. C) agricultural economics. D) international economics.
Brand name aspirin is chemically identical to store brand aspirin. Yet, consumers often prefer the brand name product to the store brand product. This preference is an example of
A) product differentiation. B) perfect product competition. C) oligopolistic product competition. D) price taking behavior.
When each country specializes in producing the good for which it has a comparative advantage:
A. both countries may benefit. B. both countries always enjoy equal gains from trade. C. the country that is bigger will gain more surplus. D. the country with the weaker economy will gain more surplus.