Dole Co operates in a monopolistically competitive market. Which of the following characterizes Dole Co's market?
A) Dole Co. supplies a small portion of the market's output.
B) Dole Co.'s product is slightly different from its competitors.
C) Dole Co. faced no barrier to entry when it decided to enter its market.
D) All of the above describe Dole Co.'s market.
D
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If each case of detergent were sold at $30, determine the amount of the shortage or surplus that would result.
Consider the market for a Procter and Gamble biodegradable detergent. Suppose that market demand is QD = 120 – 3P, and market supply is QS = –50 + 2P, where P is the price per case and Q is the quantity in thousands per week.
Few bother to think about what makes Florida oranges show up daily in South Dakota supermarkets, but the people of South Dakota are likely to think a great deal about this. Why does someone take the time and energy to assure that oranges that are grown in Florida move more than 1,000 miles before they appear on grocery shelves?
What will be an ideal response?
For barter to occur there has to be
A) a commodity to serve as a medium of exchange. B) a single coincidence of wants. C) a double coincidence of wants. D) a formal market where prices are quoted.
A perfectly competitive firm should shut down in the short-run if price falls below the minimum of
A) marginal cost. B) marginal revenue. C) average total cost. D) fixed costs. E) average variable costs.