Typical structure characteristics of interest to Industrial Organization researchers include
a. Barriers to entry
b. Product differentiation among firms
c. The number and size distribution of firms
d. All of the above
d
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The above table gives data for a hypothetical nation. Gross domestic product is
A) $4,049 billion. B) $4,079 billion. C) $4,054 billion. D) $4,339 billion.
If the domestic producers of a good benefit from free trade, it suggests that the country:
A. does not have an absolute advantage in that good. B. is a net importer of that good. C. does not have a comparative advantage in that good. D. is a net exporter of that good.
The gap that exists when equilibrium real Gross Domestic Product (GDP) is less than full employment real Gross Domestic Product (GDP) is called a(n)
A. supply gap. B. inflationary gap. C. recessionary gap. D. employment gap.
If a firm's total costs are $80 when 10 units of output are produced and $90 when 11 units of output are produced, the marginal cost of the 11th unit is
A. $1. B. $5. C. $8.09. D. $10.