Which of the following African countries has experienced widespread death and destruction due to ethnic or clan based conflict in the previous decade?
a. Rwanda
b. Sudan
c. Somalia
d. all of the above
D
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A perfectly competitive firm in the short run determines its quantity supplied at various prices by using
a. the portion of its marginal cost curve rising above its average total cost curve b. the portion of its marginal cost curve rising above its average variable cost c. its average variable cost curve d. its average total cost curve e. the portion of its average variable cost curve rising above its average fixed cost curve
The slope of a horizontal line is always equal to zero
Indicate whether the statement is true or false
Which of the following statements is false?
A) A change in the price of good X will usually change the quantity supplied of good X, ceteris paribus. B) A change in the number of sellers of a good can change the supply of that good. C) Price and quantity supplied are directly related. D) A vertical supply curve represents a direct relationship between price and quantity supplied.
Which of the following statements about monopoly is not correct?
a. In order for a monopoly to persist, there must be barriers to the entry of other firms. b. When a monopolist increases production, the quantity effect will tend to increase total revenue and the price effect will tend to decrease total revenue. c. A monopolist can sell as much as it wants at whatever price it chooses. d. Because a monopoly has market power, it will charge a price higher than what would prevail under conditions of perfect competition