Suppose the airplane market is an oligopoly. According to the figure above, the price can range as high as ________ and as low as ________
A) $13 million per plane; $1 million per plane
B) $30 million per plane; $13 million per plane
C) $13 million per plane; $13 million per plane
D) $1 million per plane; $1 million per plane
E) None of the above answers is correct.
A
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An asset is said to be riskless if:
A) it can be easily converted into cash. B) its value does not change from day to day. C) its value is more likely to fall in future. D) it offers a positive rate of interest.
National income: a. is a measure of the income earned by owners of resources used in making final goods and services. b. is a measure of the income received by persons after taxes
c. equals aggregate income minus the statistical discrepancy. d. equals GDP minus depreciation.
Define the following terms and explain their importance to the study of economics
a. marginal cost b. marginal revenue c. short-run equilibrium d. supply curve of the firm e. economic profit
Which of the following represents an illegal control of prices?
A. Colluding B. Following the leader without explicit agreements to do so C. Following the price determined by an analysis of supply and demand D. Accepting a government mandated price without contesting it