Which of the following is the best example of an oligopoly?
A. area restaurants
B. the automobile industry
C. agricultural markets free of government support
D. local utilities
Answer: B
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Refer to Table 19-15. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 2015 equals
A) 94.1. B) 105.1. C) 106.2. D) 108.5.
What is the economies of scope character for a firm that has a straight-line product transformation curve?
A) Economies of scope (SC > 0) B) Diseconomies of scope (SC < 0) C) SC = 0 D) SC = 1
Wally's Wheat Farm sells its output and hires its labor in perfectly competitive markets. In the short run, Wally can vary only one input-labor. In short-run equilibrium, all of the following conditions, except one, will be satisfied. Which is the exception?
a. The marginal revenue product of labor equals the wage rate. b. The marginal revenue product of labor would decrease if more labor is hired. c. Marginal revenue equals the price of the firm's output. d. The marginal product of labor would decrease if more labor is hired. e. The firm's total revenue will decrease if more labor is hired.
If the amount of taxes > outlays
What will be an ideal response?