The cost of an extra unit of coal in Australia in terms of oil given up is
A. 100.
B. 20.
C. 5.
D. 1/5.
C. 5.
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The practice of a firm setting a price so low that all firms incur losses is called
a. a tournament. b. predatory pricing. c. a buy-out strategy. d. a contestable market.
Suppose the world price of widgets is $5 each. If a widget-importing country imposed a $2 per widget tariff, what price would that country's consumers pay for widgets?
A) $10 B) $7 C) $5 D) $3 E) A price that is greater than $5 and less than $7
If aggregate production in the economy exceeds aggregate purchases
A. unintended inventory investment is positive. B. inventories will be drawn down. C. there is upward pressure on real GDP. D. aggregate purchases will tend to increase until equilibrium is achieved.
Monopoly power in a market causes:
A. producers to worry about competition. B. monopolists to earn economic profits of zero. C. market surplus to be lost. D. consumers to gain.