Who selects the board of directors of a corporation?
A) the stockholders
B) the bondholders
C) upper management
D) all of the above
Answer: A
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Pizza producers charge one price for a single pizza and almost give away a second one. This is an example of
A) monopoly. B) a barrier to entry. C) behavior that is not profit-maximizing. D) price discrimination. E) rent seeking.
An oligopoly firm is similar to a monopolistically competitive firm in that
A) both operate in a market in which there are significant entry barriers. B) both firms face the prisoner's dilemma. C) both firms have market power. D) both firms are in industries characterized by interdependence of firms.
Economic efficiency requires that a natural monopoly's price be
A) equal to average variable cost where it intersects the demand curve. B) equal to average total cost where it intersects the demand curve. C) equal to the lowest price the firm can charge and still make a normal profit. D) equal to marginal cost where it intersects the demand curve.
When real GDP is falling, the economy is experiencing
a. a recession. b. a financial crisis. c. an expansion. d. equilibrium. e. environmental deterioration.