What is the natural resource problem in DVC?
What will be an ideal response?
Many DVC possess inadequate natural resources. This limited resource base is an obstacle to growth. Also, the agricultural products that DVC typically export are subject to significant price variation on the world market, creating variations in national income.
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If the price of gasoline were $5, many people would stop buying gasoline while others would continue to do so. This would indicate
A) those who are buying gasoline value it at least $5 per gallon. B) those who are not buying gasoline value it more than $5 per gallon. C) only those who are extremely wealthy are buying gasoline. D) the price of gasoline needs to be regulated by the Federal Government.
The oligopoly model that is most appropriate when one large firm usually takes the lead in setting price is the ________ model
A) Cournot B) Stackelberg C) game theory D) prisoner's dilemma
Suppose the insurance company cannot tell them apart but expects them to be different values and charges them an average premium of $1850 . How much profit would it make?
a. $1850 b. Zero-they would break even c. They would make a loss of $650 d. They would make a loss of $1100
A natural monopoly exists when, throughout the range of market demand,
a. average cost is increasing b. there are diseconomies of scale c. there are economies of scale d. average cost is constant e. marginal cost exceeds average cost