In the years immediately after the American Revolution
A. both labor and capital were scarce.
B. neither labor nor capital were scarce.
C. labor was scarce and capital was plentiful.
D. capital was scarce and labor was plentiful.
A. both labor and capital were scarce.
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If a monopolist is maximizing profits, then it is producing an amount of output so that
A) MR = ATC. B) MC = AVC. C) MR = TC. D) MR = MC.
The "Discount Department Stores" industry is highly concentrated. What does this mean?
A) The sales volume in this industry is consistently high. B) There are many large stores such as Wal-Mart, Target, Kohl's, in this industry. C) A few large stores account for a significant portion of industry sales. D) There is cut-throat competition in this industry because there are no entry barriers.
Which of the following examples indicates that two oligopolistic firms are involved in a non-cooperative game?
a. The two firms collude to improve their profit-maximizing position. b. The two firms forge a binding contract to align their pricing strategies. c. Each firm sets its own prices without consulting its competitor. d. Each firm talks to its competitor before setting its prices.
An agency is having problems with personal phone calls made during working hours. Each minute of a personal call costs the agency $0.50 in wasted wages. The agency hires operators to monitor calls in order to attain the optimal number of personal calls (minimize total cost of personal calls).
Based on the above information, if operators receive $25 an hour, what is the minimum possible total cost of personal calls (per hour)?
A. $ 85 B. $120 C. $460 D. $255 E. none of the above