The theory of oligopoly provides a reason why
a. perfect competition is not a useful object of study.
b. price is less than marginal cost for many firms.
c. all countries can benefit from free trade among nations.
d. firms do not want to capture larger shares of their markets.
c
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If total utility increases at a decreasing rate as a consumer consumes more coffee, then marginal utility must
A) decrease. B) remains constant. C) be negative. D) increase also.
An economy with a government planning commission that provides explicit instructions for resource allocation is an example of
a. a command economy b. a communal economy c. a traditional economy d. a market economy e. market socialism
_______% of the people on welfare lives below the poverty line.
Fill in the blank(s) with the appropriate word(s).
Between 1850 and 1950 the productivity of the average American farm worker
A. declined. B. remained about the same. C. doubled. D. quadrupled.