One of the defining characteristics of an oligopoly is that:
A. the strategic interactions between a firm and its rivals have a major impact on its profits.
B. no single firm has an impact on the market as a whole.
C. there are only a few buyers in the market.
D. there are no barriers to entry to the market.
A. the strategic interactions between a firm and its rivals have a major impact on its profits.
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The real interest rate represents: a. the additional buying power received by a lender or an investor. b. the capital gains of a lender or an investor
c. the opportunity cost of lending the money. d. the purchasing power of the money received by a borrower.
The efficient quantity of a public good to produce is found where the marginal cost of producing an additional unit of the public good equals its marginal benefit. This occurs where the marginal cost curve intersects the ________ curve
a. marginal revenue b. average cost c. market demand d. total cost
Flowers are more expensive on Valentine's Day than at other times of the year, yet sales of flowers are highest on that day. How does economic theory account for this?
A. Florists know that there are no substitutes for flowers, so they take advantage of consumers on Valentine's Day. B. Flowers are not subject to the law of demand C. People buying the flowers are irrational. D. An increase in demand pushes up the market clearing price of flowers.
The marginal cost to a student of missing a class meeting in Introductory Economics increases when
A) textbook prices increase. B) tuition rates increase. C) valuable information is communicated in the class meetings. D) any of the above occurs.