Oil price changes are best explained using a model of
A. supply and demand, the effect of expectations, and the cartel effect.
B. the cartel effect.
C. supply and demand and the effect of expectations.
D. the collusive behavior of the big oil companies.
Answer: A
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If a firm raised its price and discovered that its total revenue fell, then the demand for its product is
A) relatively elastic. B) perfectly inelastic. C) perfectly elastic. D) relatively inelastic.
Which of the following is not an example of a fungible commodity?
A. Wheat B. Electricity C. Money D. All of these are fungible commodities.
Labor productivity measures
a. input per machine per hour b. input per laborer per hour c. output per machine per hour d. output per laborer per hour e. output per unit of land per hour
If a firm has reached the minimum efficient scale, any additional output produced by the firm will result in a lower average cost in the long run.
Answer the following statement true (T) or false (F)