In ________ market structure, a firm's output depends ________
A) an oligopoly; only on its own marginal revenue and marginal cost curves
B) a monopolistically competitive; in part on its competitors' price and quantity decisions
C) an oligopoly; in part on its competitors' price and quantity decisions
D) a monopolistically competitive; only on its marginal revenue curve
C
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The percentage change in quantity demanded that results from a 1 percent change in price is known as the:
A. price elasticity of supply. B. cross-price elasticity of demand. C. price elasticity of demand. D. income elasticity of demand.
Other things equal, an increase in the consumer confidence index tends to raise the average propensity to consume
a. True b. False Indicate whether the statement is true or false
These are the shares of the seven firms in Macland’s sweater industry. Sally’s Sweaters: 26%, Jack’s Sweaters: 12%, Mira’s Sweaters: 2%, Nils’ Sweaters: 8%, Hans’ Sweaters: 3%, Pedro’s Sweaters: 7%, Jules’ Sweaters 2%. What is the four-firm concentration ratio?
a. 60% b. 4% c. 53% d. 48%
Which of the following examples involves variable costs
a. Last year, Gerard Industries paid $2 million for raw materials. b. Gerard Industries pays $100,000 a year for rent. c. Gerard Industry just made an annual insurance payment of $50,000. d. The property tax rate for Gerard Industries remains at 2 percent.