Price leadership
A. Is common in perfectly competitive markets.
B. Results in a more competitive market.
C. Typically results in greater instability in oligopolistic markets.
D. Permits oligopolistic firms in a given market to coordinate market wide price changes.
Answer: D
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A private cost is a cost of production that is
A) borne by the producer of a good. B) measured in marginal terms. C) borne by someone other than the producer of a good. D) measured in total terms.
A corporation's board of directors
A) are the sole owners of the corporation. B) hire the managers of the corporation. C) are personally liable for the debts of the corporation. D) control the day-to-day activities of the corporation.
Which of the following would cause labor's share of national income to increase?
A) Labor productivity increases less rapidly than the real wage rate. B) Labor productivity increases more rapidly than the real wage rate. C) Labor productivity has increased at the same rate as the real wage rate. D) Labor's share of national income is not affected by the relative growth rates of labor productivity and the real wage rate.
If the absolute value of the slope of the demand curve is 0.25, price is $8 per unit, and quantity demanded is 12 units, then demand for this good is:
A. perfectly elastic. B. inelastic. C. elastic. D. unit elastic.