Producing a differentiated product occurs in which of the following industries?
A) oligopoly, monopolistic competition, and perfect competition
B) monopolistic competition only
C) oligopoly only
D) monopolistic competition and oligopoly
Answer: D
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What flows to firms in a product market?
a. payments for goods and services b. goods and services c. payments for rent and wages d. technology and machinery
Under the Temporary Aid to Needy Families (TANF program), work activities are defined to include:
A. vocational training. B. community service. C. on-the-job training. D. All of these
Assume that the supply curve is horizontal because marginal cost is constant at $10. If John, Robert, and Jimmy each value one compact disc at $20 but only Jimmy values a second compact disc, then the total value in this market is $35 if
a. Jimmy’s value for a second compact disc is $0. b. Jimmy’s value for a second compact disc is $5. c. Jimmy’s value for a second compact disc is $10. d. Jimmy’s value for a second compact disc is $35.
Which of the following is NOT a characteristic of the Cobb-Douglas production function?
A. Capital and labour receive equal fractions of income. B. Economic profit is zero. C. Factor payments are a constant fraction of income. D. Constant returns to scale.