The market structure that is characterized by a small number of large firms that have some market power is called:
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.
C
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A firm produces 2,000 high-quality bicycles per year. At this output, AVC $300 and the firm’s fixed costs are $200,000. The firm’s total costs are
A. $400. B. $600,000. C. $800,000. D. $500,000.
A normative economic statement
a. is a hypothesis used to test economic theory b. is a statement of fact c. is a statement of what ought to be, not what is d. indicates what will occur if certain assumptions are true e. enables economists to test hypotheses
If autonomous consumption decreases, which of the following would occur in the short run?
a. a decrease in GDP, a decrease in the price level, a decrease in money demand and a decrease in the interest rate. b. an increase in GDP, an increase in the price level, an increase in money demand and an increase in the interest rate. c. a decrease in GDP, an increase in the price level, an increase in money demand and an increase in the interest rate. d. an increase in GDP, a decrease in the price level, a decrease in money demand and an increase in the interest rate. e. a decrease in GDP, a decrease in the price level, an increase in money demand and an increase in the interest rate.
The duration of an expansion is measured from:
A. trough to trough. B. peak to peak. C. peak to trough. D. trough to peak.