Which of the following groups benefited from the Civil War (1861–1865)?
(a) Wage earners who suffered declining real earnings as wages lagged behind the inflation
(b) Those groups issuing bonds during the war
(c) Those farmers whose crops and farm animals were destroyed
(d) Slave owners who parted with their property without compensation
(b)
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A monopoly is
A) a price taker. B) able to ignore the demand for its product when setting its price. C) able to set the price for its product. D) able to earn only a normal profit in the long run. E) a firm with no marginal revenue curve.
(Ref 9-6 Figure: Wireless Mouse Market) Refer to Figure 9-6: Wireless Mouse Market. Calculate the change in producer surplus when the price increases from $10 to $15.
A. $250
B. $1,000
C. $1,125
D. $625
Game theory is used in a number of areas in economics. What is the primary reason that it is used in analyzing oligopoly type market structures?
a. The firms are producing a similar product b. The firms are producing differentiated products c. The demand curve facing the oligopolistic firms is perfectly inelastic d. The mutual interdependence of firms in industries with a small number of firms e. The demand curve the oligopolistic firm faces is downward sloping
A rise in the wage rate would cause
A. an increase in the MRP schedule of labor. B. a decrease in the MRP schedule of labor. C. no change in the MRP schedule of labor.