Oligopolistic industries are characterized by:
A. a few dominant firms and substantial entry barriers.
B. a few dominant firms and no barriers to entry.
C. a large number of firms and low entry barriers.
D. a few dominant firms and low entry barriers.
Answer: A
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What are some of the explanations offered for why the U.S. economy experienced a period of relative stability from 1950-2007?
What will be an ideal response?
A consumer can be said to have achieved equilibrium with respect to consumption when:
a. the marginal utility of each product consumed is the same. b. the last dollar spent on each product yields the same marginal utility. c. the total utility of each product consumed is at a maximum. d. the marginal utility of each product consumed is at a maximum.
A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the following results:Qd = 25,000 ? 5,000P + 25MQs = 240,000 + 5,000P ? 2,000PI where P is price, M is income, and PI is the price of a key input. The forecasts for the next year are 
? = $15,000 and 
I = $20. Average variable cost is estimated to beAVC = 14 ? 0.008Q + 0.000002Q2Total fixed cost will be $6,000 next year. What will the firm's profit (loss) be?
A. $30,000 B. $36,000 C. $26,000 D. $20,000 E. -$6,000, the firm shuts down and loses only its fixed costs.
Producer surplus is the price of a good minus the opportunity cost of producing it, summed over the quantity produced
Indicate whether the statement is true or false