Knowing that Coke controls 80 percent of the cola market and Pepsi controls 20 percent, we can conclude the cola market is:
A. perfectly competitive.
B. monopolistically competitive.
C. an oligopoly.
D. a monopoly
C. an oligopoly.
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Under competition, the price of a resource reveals
a. information about the past, but not future, uses of a resource. b. the most valuable way to use the resource. c. how much the resource is worth in the most valuable of its alternative uses. d. the value of the labor needed to fully exploit the resource.
When the market value of the dollar falls relative to other currencies around the world, we say that
A) the supply of dollars has decreased. B) the dollar has depreciated. C) the demand for dollars has decreased. D) the dollar has appreciated.
Bob goes to his favorite hot dog stand, which is offering one hot dog for $2.50 or two for $4.00. Bob’s marginal cost of a second hot dog is
A. $1.00. B. $2.00. C. $1.50. D. $2.50.
What is the percentage of income received by the lower three quintiles on line J?
