Which of the following characterizes an oligopolistic industry?
a. Few firms and standardized products
b. Few firms and differentiated products
c. Few firms and wither standardized or differentiated products
d. A large number of competing firms
c
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Refer to Figure 8.2. As the competitive industry, not just the firm in question, moves toward long-run equilibrium, how much profit will the firm earn?
A) $0 B) $306 C) $312 D) $1000. E) $1024
"Most textiles worn by American consumers are produced in Asian and South American countries where the opportunity costs of production are lower." This observation refers to the:
a. law of supply. b. income elasticity of demand. c. principle of beneficial tariffs. d. principle of comparative advantage. e. law of decreasing returns to scale.
Use the figure below, which shows a linear demand curve and the associated total revenue curve, to answer the question.
The price for which 100 units can be sold is $________.
A. 15 B. 25 C. 45 D. 10 E. 50
Suppose you want to open a T-shirt shop. Which of the following would be most helpful in deciding how to price your T-shirts?
(A) Market demand schedule (B) Demand curve (C) Market demand curve (D) Demand schedule