If the price of automobiles was to increase, then
A) the quantity of gasoline demanded would decrease.
B) the demand for gasoline would increase.
C) the demand for gasoline would decrease.
D) the supply of gasoline would increase.
C
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Physical capital is:
A. the talents, training, and education of workers. B. the physical labor of workers. C. the financial resources available for investment. D. the factories and machinery used to produce other goods and services.
Cost
A) is what the buyer pays to get the good. B) is always equal to the marginal benefit for every unit of a good produced. C) is what the seller must give up to produce the good. D) is greater than market price, which results in a profit for firms. E) means the same thing as price.
In the infinitely-repeated Bertrand model:
A. firms play the Bertrand pricing game over and over, with no definite end. B. firms play the Bertrand pricing game one time. C. firms play the Bertrand pricing game several times, with a clearly defined endpoint. D. firms play the Bertrand pricing game at least two times, but no more than four.
In which of the following types of markets does a single firm have the most market power?
A. Perfect competition. B. Monopoly. C. Monopolistic competition. D. Oligopoly.