The music production industry is an example of a(n) ________ industry.
A. perfectly competitive
B. monopolistic
C. oligopolistic
D. monopolistically competitive
Answer: C
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The agreement to provide a standardized commodity to a buyer on a specific date at a specific future price is
A) a put option. B) a call option. C) a futures contract. D) a mortgage-backed security.
A manager believes there is a 10 percent chance their firm will have to pay $500,000, a 20 percent chance that they will have to pay $400,000 and a 70 percent chance they will be found innocent and pay nothing except the legal fees of $100,000. If the manager chooses to not settle for $230,000 (pay the plaintiff) and to enter the litigation instead, which of the following is true?
A) The manager is risk neutral. B) The manager is risk averse. C) The manager is risk intolerant. D) The manager is a risk lover.
When economists say an individual displays economizing behavior, they simply mean that she is
a. making a lot of money. b. buying only those products that are cheap and of low quality. c. learning how to run a business more effectively. d. seeking the lowest cost method to accomplish her objectives.
The textile industry is composed of a large number of small firms. In recent years, these firms have suffered economic losses, and many sellers have left the industry. Economic theory suggests that if technology, imports, and other factors remain constant, these conditions will
a. shift the market demand curve outward so that price will rise to the level of production cost. b. cause the remaining firms to collude so they can produce more efficiently. c. cause the market supply to decline and the price of textiles to rise. d. cause firms in the textile industry to suffer long-run economic losses.