For a firm in a perfectly competitive industry, the demand curve for its own product is
A) downward sloping.
B) vertical.
C) always above the marginal revenue curve.
D) the same as the marginal revenue curve.
Answer: D
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In an Israeli factory, each worker can produce 2/5 of a shirt in an hour or 1/10 of a pair of pants in an hour. If there are 500 workers in the factory, what is opportunity cost of producing one shirt?
a. 1 pair of pants b. 4 pairs of pants c. 1/2 pair of pants d. 1/4 pair of pants e. 2 pairs of pants
An increase in fixed cost will, in the long run, alter the industry output of
a. both a monopolist and a competitive industry. b. only a monopolist. c. only a competitive industry. d. neither a monopolist nor a competitive industry.
The intersection of the supply and demand curves indicates:
A) the equilibrium solution in the market. B) a surplus that will cause the price to fall. C) a shortage that will cause the price to rise. D) the quantity demanded exceeds the quantity supplied.
A U.S. tariff on oil would reduce imports and raise the price of U.S. oil products.
Answer the following statement true (T) or false (F)