An industry's market structure refers to
A. Whether the market is a product market or a resource market.
B. What types of products are produced in that industry.
C. How much firms spend on advertising.
D. The number and size of the firms in the industry.
Answer: D
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Demand in a perfectly competitive market is Q = 100 - P. Supply in that market is Q = P - 10. What is the market equilibrium price and quantity? Given that price and quantity, how much consumer surplus, producer surplus, and deadweight loss is there? If the government imposes a $40 price ceiling, what quantity will be produced and sold? Assuming that those who value the good the most actually get after the ceiling is imposed, how much consumer surplus, producer surplus, and dead-weight loss is there?
What will be an ideal response?
In the short run, the equilibrium level of real GDP
A) is necessarily less than potential GDP. B) is necessarily equal to potential GDP. C) is necessarily greater than potential GDP. D) could be less than, equal to, or greater than potential GDP.
What is the difference between elastic and inelastic demand? Use examples to explain your answer
According to the theory of comparative advantage, a country exports goods when it can produce those goods ________ than other countries.
A. at a higher opportunity cost B. using fewer resources C. at a lower opportunity cost D. using more resources