Under which one of the following market structures are sellers most likely to consider the reaction of rival sellers when they set the price of their product?
A. Perfectly competition.
B. Monopoly.
C. Monopolistic competition.
D. Oligopoly.
Answer: D
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A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:Production Possibilities ScheduleProductABCDEFSteel012345Wheat100907555300In moving stepwise from possibility A to B to C … to F, the opportunity cost of a unit of steel in terms of wheat
A. increases at first then decreases. B. decreases. C. remains constant. D. increases.
Universal service may require making a service available in small communities where the limited scale of operations may make costs extremely high.
Answer the following statement true (T) or false (F)
If a worker is indifferent between a job with a wage of $10 per hour and a job with a wage of $12 per hour, then the
a. higher-paying job has a compensating wage differential of $2 per hour. b. higher-paying job has a compensating wage differential of $12 per hour. c. higher-paying job is intrinsically more attractive than the lower-paying job. d. wage in the higher-paying job must eventually fall due to competition.
A pollution tax:
A. is a method used to internalize external costs. B. will not affect the price of the good being produced. C. does not affect the quantity of a good demanded. D. is a method used to externalize internal costs.