What is the meaning of the word “oligopoly”?
a. few buyers
b. many sellers
c. few sellers
d. one buyer
c. few sellers
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The relationship between sales and revenue is
A) a direct relationship. B) independent. C) a negative relationship. D) an inverse relationship.
Disposable income is defined as
A) national income - transfers + taxes. B) national income + transfers + taxes. C) national income + transfers - taxes. D) national income - transfers - taxes.
In a classic paper, Columbia University economist Phillip Cagan drew the line between inflation and hyperinflation at an inflation rate of
A) 50 percent per month. B) 10 percent per month. C) 20 percent per month. D) 5 percent per month. E) 25 percent per month.
Consider a competitive market in which people consume at the point where their marginal rates of substitution between products X and Y are 3/5
In this same market, producers produce where their marginal rates of transformation between X and Y are also 3/5. However, producers are producing 7 of Y and 3 of X, and consumers wish to consume 5 of Y and 5 of X per unit of time. Explain how this situation can exist. Also determine if it represents an equilibrium or not. If not an equilibrium, what will tend to happen in the market?