The saying "what's that got to do with the price of tea?" reflects
A) two markets where general equilibrium analysis would be most useful.
B) two markets where general equilibrium analysis likely won't be very useful.
C) two markets where the products are clearly closely related.
D) two markets where firms are incredibly greedy.
B
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Why might a concentration ratio be a poor measure of actual industry competition?
What will be an ideal response?
The fundamental rule of profit maximization for firms is to produce where:
a. MR = MC. b. ATC is minimized. c. quantity of output is maximized. d. price is maximized. e. total revenue is maximized.
An example of a government policy to increase physical capital formation is:
A. the construction of an interstate highway system. B. maintaining a well-functioning legal system. C. government support for basic research. D. the provision of publicly-funded education.
U.S. imports are most likely to increase when
A. U.S. GDP decreases. B. U.S. unemployment rates fall. C. U.S. prices fall. D. foreign prices rise.