An industry with a concentration ratio of 80 would have at least ____ firms.
A. 2
B. 3
C. 4
D. 5
D. 5
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Milky Moo and Mega Cow are the only sellers of milk. Milky Moo's supply function is QsMMoo = 12P - 6 at prices above $0.50 and zero at prices below $0.50. Mega Cow's supply function is QsMCow = 9P - 3 at prices above $0.33 and zero at prices below $0.33. At a price of $2.00:
A. the market supply of milk is 33 units. B. the market supply of milk is 15 units. C. the market supply of milk is 18 units. D. the market supply of milk is 42 units.
Per capita GDP will definitely rise if
A. The rate of economic growth is less than the rate of population growth. B. The population falls and GDP does not fall. C. There is a decrease in the size of the working population. D. The rate of economic growth falls.
Maximum Feasible Hourly Production Rates (in Tons) of EitherWine or Beef Using All Available ResourcesProductArgentinaFranceWine (gallons)3060Beef (pounds)1030Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a pound of beef in France is
A. 3 gallons of wine. B. 0.5 gallons of wine. C. 0.33 gallons of wine. D. 2 gallons of wine.
Marginal utility is
A) the change in total utility divided by the price of the last unit of a good or service consumed. B) the change in total utility a person receives from consuming an additional unit of a good or service. C) the utility from consuming a given quantity of a good or service. D) the decrease in total utility from consuming more and more units of a good or service.