Which of the following kinds of markets most closely resembles a monopoly market in its price and output level?
A. A market in which firms are engaged in a price conspiracy.
B. A monopolistically competitive market.
C. An oligopoly market.
D. None of the choices will be similar in outcome.
A. A market in which firms are engaged in a price conspiracy.
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Suppose Sarah owns a small company that makes wedding cakes. The table below shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day.Number ofCakes Per DayTotal CostPer Day0$1001$1802$2203$3004$4005$5206$660If the market for wedding cakes is perfectly competitive, and wedding cakes sell for $95 each, then at her profit-maximizing level of output, Sarah will earn a ________ of ________ per day.
A. loss; $100 B. profit; $15 C. loss; $15 D. profit; $285
A car insurance company pays 90% of the total damage in case of an accident. This is an example of ________
A) a coinsurance B) a dividend C) a brokerage D) a subsidy
Suppose the absolute value of the price elasticity of demand for basketball game tickets on your campus is greater than 1. Increasing ticket prices will increase the total revenue from ticket sales
Indicate whether the statement is true or false
Historians of economic thought often describe ________ written by ________ and published in ________ as the first real exposition of an economic model
A) "Of the Balance of Trade," David Hume, 1776 B) "Wealth of Nations," David Hume, 1758 C) "Wealth of Nations," Adam Smith, 1758 D) "Wealth of Nations," Adam Smith, 1776 E) "Of the Balance of Trade," David Hume, 1758