The dominant firm in an oligopoly is the firm that ______.
a. produces a large portion of the total output
b. undercuts the prices of its competitors
c. provides an entry incentive to other firms
d. practices perfect competition
a. produces a large portion of the total output
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The direct benefits of out-migration to a developing nation include:
(a) Loss of skilled workers. (b) Increased remittances. (c) Job growth. (d) Larger capital formation.
Suppose that a new bond rating service is established that specializes in rating municipal bonds that had not previously been rated. The likely result would be
A) a shift to the left in the demand curve for municipal bonds. B) a shift to the left in the supply curve for municipal bonds. C) an increase in the equilibrium interest rate. D) a decrease in the equilibrium interest rate.
In a long-run equilibrium in a monopolistically competitive industry that produces information products, revenues are equal to the ________ costs of developing, producing, and selling the product
A) total B) fixed C) variable D) marginal
If a social planner were running a monopoly, that planner could achieve an efficient outcome by charging the price that is determined by the
a. minimum point on the average total cost curve. b. intersection of the average total cost curve and the demand curve. c. intersection of the marginal cost curve and the demand curve. d. intersection of the marginal cost curve and the marginal revenue curve.