The trend in current tariff laws is to
A) raise tariffs on foreign goods.
B) keep tariffs the same.
C) lower tariffs on foreign goods.
D) abolish tariffs all together.
C
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The cross elasticity of demand for strawberry jelly and grape jelly is likely to be
A) positive because they are substitutes. B) positive because they are complements. C) negative because they are substitutes. D) negative because they are complements. E) negative because they are inferior goods.
Refer to Figure 13-4. What is the area that represents the total variable cost of production?
A) 0P0aQa B) P0abP1 C) P1bdP3 D) 0P1bQa
Wendy's must decide whether to grow its own potatoes for French fries. Growing potatoes is a very different process from running a fast-food restaurant. Based on this information alone, should Wendy's grow its own potatoes?
a. No, because Wendy's managers have bounded rationality. b. Yes, because Wendy's managers have bounded rationality. c. No, because there is a small number of potato suppliers. d. Yes, because there is a small number of potato suppliers. e. No, because it is easy to observe the quality of potatoes.
What are the basic characteristics of oligopoly? How does oligopoly compare with the other market structures?
What will be an ideal response?