"An oligopoly is an oligopoly. Firms behave the same no matter what type of oligopoly it is." This statement is:
A. false.
B. true.
C. true of homogeneous product industries.
D. None of the answers is correct.
Answer: A
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A perfectly competitive firm trying to maximize profits in the short run will expand output
A. until total revenue equals total cost. B. until marginal cost equals average variable cost. C. until marginal cost begins to rise. D. as long as marginal revenue is greater than marginal cost.
Externalities can cause the market mechanism to
a. malfunction. b. improve. c. operate efficiently. d. move up toward the production possibility curve.
If coal-burning electrical utility companies fully internalized pollution costs, then we could expect
A) an increase in electricity prices. B) a decrease in electricity prices. C) no change in electricity prices. D) a greater use of coal to produce electricity.
Answer the following statements true (T) or false (F)
1. The ability to produce a good or service at a lower opportunity cost than other producers face is known as comparative advantage. 2. The ability of a nation to gain from specialization and exchange is affected by factors such as shipping costs and exchange rates. 3. One cause for the uneven standard of living throughout the world is the uneven distribution of resources. 4. The application of the principle of comparative advantage requires each of two trading partners to have an absolute advantage over the other in the production of some particular commodity.