A market with only two firms is called a
A) duopoly.
B) two-firm monopolistic competition.
C) two-firm monopoly.
D) cartel.
E) two-firm quasi monopoly.
A
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Based on the above, which figure shows the impact of a decrease in the population available to work?
A) Figure A B) Figure B C) Figure C D) Figure D
In the above figure, Brendan originally consumes at point A. If his income rises and both compact discs and haircuts are normal goods then he will begin consuming at a point such as
A) F. B) B. C) C. D) D.
Suppose an astronomer discovers gold on the moon. Would this gold add to the world reserves?
A) Yes, we know it exists and we could recover it. B) No, we know it exists but we can't extract the gold. C) No, there are no established property rights over the moon so they cannot add to world reserves. D) Yes, but only if the astronomer is the resident of a developed country with well-established property rights.
Refer to the data. If the market price for this firm's product is $87, it will produce:
A. 9 units at an economic profit of zero.
B. 6 units at a loss of $90.
C. 9 units at an economic profit of $281.97.
D. 8 units at an economic profit of $130.72.