If Kami can produce 40 tablets or 30 cellphones during a month's time, while Sally can produce 10 tablets or 20 cellphones, then it is correct to state that
A) Kami has a comparative advantage in producing tablets.
B) Kami has a comparative advantage in producing both tablets and cellphones.
C) Sally has a comparative advantage in producing both tablets and cellphones.
D) Sally has an absolute advantage in tablets.
A
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Which of the following is true for a monopolist?
A) Being the only seller in the market, the monopolist faces the market demand curve. B) Being the only seller in the market, the monopolist faces a perfectly elastic demand curve. C) Being the only seller in the market, the monopolist faces a downward-sloping demand curve that lies below the marginal revenue curve. D) Being the only seller in the market, the monopolist faces a perfectly inelastic demand curve.
If there were four firms in an industry each with a 25% market share, what would the Herfindahl-Hirschman Index equal?
a. 2500 b. 1250 c. 1,000 d. 625
Everything else being equal, a job in which workers face a relatively small chance of being laid off would generally have
a. a lower wage rate b. a higher wage rate c. more fringe benefits d. higher skill requirements e. no expected wage differentials in equilibrium
Microeconomics is the study of
A) aggregate measures of the economy. B) economic issues for an entire region. C) federal budget details. D) individual decision making.