In the above figure, at the profit-maximizing rate of production for the perfectly competitive firm, total cost is
A. $130.
B. $30.
C. $70.
D. $100.
Answer: C
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Differentiate between the four market structures on the basis of the type of products sold
What will be an ideal response?
Which of the following is an example of a positive economic statement?
A) The unemployment rate last month was 5.4 percent. B) The unemployment rate last month was too high. C) Because of the high unemployment rate last month the government should increase government spending. D) The unemployment rate should be measured differently because it doesn't include students who can't find jobs.
Which of the following is an example of adaptive expectations?
a. James hears that many companies are laying off people and decides not to change his job at this time b. Kirsten reads about the continuous rise in the prices of necessary goods and the simultaneous rise in the level of unemployment and knows that the country is heading for stagflation. c. Kate knows that inflation is on the rise and that the best strategy for her firm would be to lower the price of its product. d. Peter knows that the Federal Reserve is planning to lower interest rates next month and decides to apply for a loan.
Oligopoly occurs when
A. a few firms sell many different products. B. a few firms sell to a few large buyers. C. many firms dominate a single market. D. a few firms dominate a single market.