Refer to Figure 2-9. What is the opportunity cost of producing 1 popsicle in Greenland?
A) 2/3 of a snow cone B) 5/6 of a snow cone C) 1 1/5 snow cones D) 240 snow cones
C
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The larger the four-firm concentration ratio, the ________ competition within an industry; the larger the Herfindahl-Hirschman Index, the ________ competition within an industry
A) more; more B) more; less C) less; more D) less; less E) The premise of the question is wrong because the four-firm concentration ratio applies only to markets with four firms in it and these markets are, by definition, not competitive.
Refer to the figure above. What is the profit-maximizing quantity that the monopolist should produce if it faces a constant marginal cost of $5?
A) 200 units B) 300 units C) 400 units D) 600 units
The Walt Disney Company uses cost-plus pricing to determine the prices it charges for admission and rides at Disneyland and Walt Disney World
Indicate whether the statement is true or false
If a production function is represented as q = L? K?, the long-run average cost curve will be horizontal as long as
A) ? + ? = 0. B) ? + ? = 1. C) q > 0. D) L = K.