Oligopoly is characterized by all of the following except
A. some industries that produce identical products.
B. frequent price wars.
C. high barriers to entry.
D. prices that are above the minimum of the ATC curve.
B. frequent price wars.
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In a constant-cost industry, the long-run market supply curve is
a. horizontal b. vertical c. upward sloping d. downward sloping e. the same slope as the typical firm's supply curve
Which area has the highest rate of inflation over the years of 2007-2011?
a. Atlanta b. Pittsburgh c. Miami d. Dallas
Suppose the current exchange rate between the U.S. dollar and the Mexican peso is $0.10 = 1 peso. Furthermore, suppose the price level in the United States rises 15 percent at a time when the Mexican price level is stable. According to the purchasing power parity theory, what will be the new equilibrium exchange rate?
A) $0.085 = 1 peso B) $0.13 = 1 peso C) $0.15 = 1 peso D) $0.115 = 1 peso E) none of the above
If there is a good that is consumed almost entirely by the elderly, an aging of the overall population would
A. cause a movement along the demand curve to a (higher price, lower quantity) point. B. move its demand curve to the left. C. cause a movement along the demand curve to a (lower price, higher quantity) point. D. move its demand curve to the right.