The larger the number of firms in an industry
A) the more intense the rivalry among firms.
B) the larger the potential number of market segments.
C) the easier it is to implicitly collude to fix prices.
D) the greater the need for a price enforcement mechanism.
A
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The face value of a ticket to the Super Bowl was approximately $1,200 in 2011 . The game is very popular and there are a number of fans who are not able to get tickets to this game. At the same time, many fans claim that prices are too high and that the
NFL should lower the face value of the ticket prices. Would a decrease in ticket prices move the market towards equilibrium? Would it eliminate the shortage of tickets? Why or why not?
The Phillips curve is
A. a positive relationship between price stability and constant, small-increment changes in the fiscal policy on the part of the Fed. B. a negative relationship between the inflation rate and the unemployment rate, at least in the short run. C. a positive relationship in the long run between the rate of inflation and the rate of unemployment. D. a positive relationship between the unemployment rate and the real Gross Domestic Product (GDP) level.
When one person's opportunity cost of producing a good is lower than another person's opportunity cost of producing the same good, it is called
A) an absolute advantage. B) a comparative advantage. C) specialization. D) production possibilities. E) a trade-off.
Use the above table. If the marginal revenue product is $20, how many workers will the profit maximizing monopsonist hire?
A) 1 B) 2 C) 3 D) 4