Oligopoly:
a. Meets the condition for allocative efficiency.
b. Meets the condition for productive efficiency.
c. Leads to slower technological progress
d. None of the above is true.
d
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Draw a graph of a market in equilibrium. Describe what might cause a change in demand or supply and how this would affect the diagram. Indicate how the equilibrium price and quantity will change.
What will be an ideal response?
An economic principle that explains why countries produce different goods and services is
A) trade as a percentage of GDP. B) absolute advantage. C) NAFTA. D) comparative advantage.
Suppose there are ten people playing cards in a room. One of them wants to smoke a cigar, nine of them dislike the smell of cigar smoke. The smoker values the privilege of smoking at $5, and each of the other nine people of the room would be willing to pay fifty cents for clean air in the room. The rules governing use of the room state that smoking is not allowed unless everyone agrees to allow smoking. If all ten people can negotiate with each other at no cost, then the Coase theorem predicts that if the cigar smoker has the right to determine whether smoking is allowed, then there ________ be smoking, and if the other nine people in the room have the right to determine whether smoking is allowed, then there ________ be smoking.
A. will; will B. will not; will not C. will; will not D. will not; will
Exhibit 14-1 Aggregate supply curve
?
In Exhibit 14-1, there are plenty of idle resources and no upward pressure on prices in:
A. the segment labeled ab. B. the segment labeled bc. C. the segment labeled cd. D. both segment bc and segment cd.