When OPEC raised the price of oil, it created a:
A. demand-pull inflation.
B. cost-push inflation.
C. demand-push inflation.
D. cost-pull inflation.
Answer: B
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An industry with a concentration ratio of 60 would have at least ____ firms.
A. 2 B. 4 C. 5 D. 7
Out of a set of feasible alternatives, an optimizer should choose the alternative with the:
A) highest net benefit. B) highest opportunity cost. C) lowest total cost, regardless of benefit. D) highest total benefit, regardless of cost.
In order to maximize its profit, a single-price monopoly always produces output in the inelastic range of the demand for its product
Indicate whether the statement is true or false
Using the scenario above why might the results be different for small classes compared to large classes?
What will be an ideal response?