Refer to Table 4-3. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the market price of Marko's polo shirts is $13, Marko's will produce
A) 1 shirt. B) 2 shirts. C) 3 shirts. D) 4 shirts.
B
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An oligopoly between two firms is called
A) a duopoly. B) an oligopoly; there are no special terms used for oligopolies with different numbers of firms. C) a biopoly. D) a dual-firm oligopoly.
An example of moral hazard is
a. workers working diligently even though the boss is not looking b. health care insured employees forgoing their diet and exercise c. drivers of safer cars turning their phones off before driving d. borrowers investing their loan proceeds exactly as the bank requires
Both approaches-Keynesian and monetarist-are ways of analyzing
a. aggregate supply. b. aggregate demand. c. the average price level. d. government spending and expenditures.
When profits occur in a competitive market, this indicates that
a. consumers value the goods more than the resources used to produce them. b. producers value the goods more than the resources used to produce them. c. producers value the goods more than consumers value the goods. d. consumers value the goods less than the resources used to produce them.