Which constitutes an obstacle to collusion among oligopolists?
A. a standardized product
B. prosperous economic conditions
C. trademarks and copyrights
D. a large number of firms
Answer: D
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If the absolute price elasticity of demand for concert tickets is 0.75, an increase in ticket prices will
A) increase total revenue. B) decrease total revenue. C) not change the elasticity of demand. D) not change total revenue.
The reporter on one broadcast network says 2011 GDP increased to an all-time high. Commenting on the same figure, a second reporter says GDP in 2011 was less than in 2010 . Which of the following explanations is consistent with the statements of both reporters?
a. The first reporter was referring to real GDP, and the second was referring to nominal GDP. b. The first reporter was referring to nominal GDP, and the second was referring to real GDP. c. The first reporter was referring to GDP as measured by the expenditure approach, and the second was referring to GDP as measured by the income cost approach. d. The first reporter was referring to GDP as measured by the income cost approach, and the second was referring to GDP as measured by the expenditure approach.
Countries that grew the fastest over the last 100 or so years had average growth rates of real income per person of about
a. 1.5 percent per year. b. 2.0 percent per year. c. 2.5 percent per year. d. 3.0 percent per year.
Refer to Table 8.1. Assuming the price of labor (L) is $5 per unit and the price of capital (K) is $10 per unit, the total variable cost of producing one unit of output is A) $16. B) $100. C) $120. D) $220.