The main objective of the members of a cartel is to
A. produce efficiently.
B. make the industry more competitive.
C. obtain a patent.
D. earn economic profits.
Answer: D
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A straight-line production possibilities curve has
A) an increasing opportunity cost between the two goods. B) a decreasing opportunity cost between the two goods. C) a constant opportunity cost between the two goods. D) no opportunity cost between the two goods.
Briefly and concisely define the following terms: a. Price discrimination b. Tying contracts c. Concentration ratio d. Market power
What will be an ideal response?
GDP measures:
A. expenditure on all final goods and services. B. total income of everyone in the economy. C. total value added by all firms in the economy. D. All of the answers are correct.
Figure 10.1 depicts a firm's marginal revenue product curve. The marginal revenue product curve is negatively sloped because ________ decreases as the firm uses more labor.
A. the hourly wage B. the marginal product of labor C. the product price D. None of these