Which of the following industries is the best example of an oligopoly?
A. the restaurant industry
B. the corn industry
C. the airline industry
D. the clothing industry
Answer: C
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The per se rule refers to the interpretation of the courts that dominant firms should be broken up because of their:
a. market share of dominance. b. history of illegal business practices. c. price discrimination practices. d. All of these.
The marginal tax rate is:
A. the difference between the total tax rate and the average tax rate. B. the percentage of total income paid as taxes. C. change in taxes/change in taxable income. D. total taxes/total taxable income.
The more substitutes there are for a monopolist's product
A) the less elastic is the demand curve. B) the more elastic is the demand curve. C) the steeper is the demand curve. D) the more positively sloped the demand curve becomes.
Suppose an American worker can make 50 pairs of gloves or grow 300 radishes per day. On the other hand, a Bangladeshi worker can produce 100 pairs of gloves or grow 200 radishes per day. Using the concepts of advantage and trade, we can say that the opportunity cost of one pair of gloves is:
A. lower for the United States than Bangladesh, therefore the United States has a comparative advantage in glove production. B. higher for the United States than Bangladesh, therefore the United States has a comparative advantage in radish production. C. the same for both the United States and Bangladesh, therefore no comparative advantage exists. D. the same for both the United States and Bangladesh, therefore they both have the comparative advantage in glove production.