Which market structure would likely have the highest concentration ratio?
a. Monopoly
b. Oligopoly
c. Monopolistic competition
d. Perfect competition
a
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A competitive, profit-maximizing firm hires workers up to the point where the
a. marginal product equals zero. b. marginal revenue product equals zero. c. marginal product equals the wage. d. value of the marginal product equals the wage.
Assume prices for corn and soybeans have been in decline over the last few months. What are the market impacts of the decline in the price of corn and soybeans on the fed cattle market that uses products from those grains as feed?
A. Increase in the price and a decline in the quantity of fed cattle; B. Increase in the price and an increase in the quantity of fed cattle; C. Decline in the price and a decline in the quantity of fed cattle; D. Decline in the price and an increase in the quantity of fed cattle.
Refer to Exhibit 2-2. If PPF2 is the relevant production possibilities frontier, a significant loss of the quantity of resources available could
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In a cartel, participating members can cheat by
A) letting more entrants join the cartel. B) leaving the industry. C) producing a lower production level than the cartel quota. D) charging a slightly lower price and raising production.