Suppose the price of a football is $20.00 and the price of a basketball is $10.00. The ________ of a football is ________
A) relative price; 2 basketballs per football
B) relative price; 1/2 basketball per football
C) opportunity cost; $20.00
D) opportunity cost; $10.00
A
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
Prior-to-trade (autarky) total economic surplus equals areas
A. A + B + C. B. A + B + C + E + F + G + I. C. A + B + C + E + F. D. A + B + C + D.
Which of the following istrueconcerning the indifference map?
a. Each consumer has a map of indifference curves. b. Consumers always prefer curves farther from the origin. c. Each indifference curve in the map represents a different level of total utility. d. All of the above are true. e. None of the above is true.
How do economies of scale result in barriers to entry into oligopoly models?
If the four-firm concentration ratio in an industry increases, the industry
a. must have become more competitive. b. must have become a monopoly. c. must have become less competitive, although not necessarily a monopoly. d. may or may not have become less competitive.