Which of the following may not characterize an oligopoly?
A. A few firms.
B. Many firms.
C. Substantial market power.
D. High barriers to entry.
Answer: B
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Who controls a sole proprietorship?
A) owner B) bondholders C) stockholders D) employees
In 2006, hurricanes damaged many parts of Texas, destroying homes, businesses, schools, and infrastructure. In strictly economic terminology, these hurricanes are said to have caused
A) scarcity, because the damages made food and shelter scarce. B) scarcity, because some goods were difficult to get. C) shortages, because supplies were cut off and goods were destroyed. D) tradeoffs, because some areas of the country were damaged when others were not.
Under rent controls
A) there is a shortage of rental units. B) the quantity supplied of rental units is greater than it would be under freely competitive markets. C) there is less government involvement in rental markets overall because there is a better supply of low-income housing. D) all renters are better off than under freely competitive markets.
Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the accompanying table below.Hours in East OrchardNumber of Apples Per HourHours in West OrchardNumber of Apples Per Hour140110232210325310420410 If Frank spends 2 hours picking apples in the east orchard and 2 hours picking apples in the west orchard, how many apples in total will Frank be able to pick today?
A. 21 B. 42 C. 92 D. 84