All of the following are characteristics of an oligopoly EXCEPT
A) diseconomies of scale over all ranges of output.
B) small number of firms.
C) high barriers to entry.
D) interdependence.
A
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Refer to Figure 16-1. What is the consumer surplus received under perfect price discrimination?
A) the area under the demand curve above P1 B) the area under the demand curve above P4 C) the area under the demand curve above P3 D) zero
A decrease in the incomes of people who buy canoes would cause the demand for canoes to decrease
Indicate whether the statement is true or false
Economists argue that unhindered international trade leads to an efficient outcome. What is meant by "an efficient outcome" in this context?
A) an outcome in which wages are roughly equal around the world B) an outcome in which the standard of living is roughly equal around the world C) an outcome in which an individual can choose to specialize in a certain line of work and be certain that he or she can make a living at that until retirement D) an outcome in which resources are devoted to their most efficient use
Twenty?five students in a class take a test for which the average grade is 75. Then a twenty?sixth student enters the class, takes the test, and scores 80. The test average calculated with 26 students will
A. fall below 75. B. still equal 75. C. rise above 75. D. change from 75 but the direction is unclear.