A typical firm in the US economy would be classified as
a. perfectly competitive.
b. imperfectly competitive.
c. a duopolist.
d. an oligopolist.
b
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Which of the following will happen if a new firm enters in an oligopoly with differentiated products?
A) Market price will fall. B) Market price will rise. C) Existing firms will gain market share. D) Each firm will have an equal market share.
A certain amusement park offers a 50 percent discount to kids between the ages of 8 and 14 years. This is an example of:
A) shadow pricing. B) first-degree price discrimination. C) third-degree price discrimination. D) second-degree price discrimination.
Refer to Figure 2-6. If the economy is currently producing at point D, what is the opportunity cost of moving to point B?
A) 8 thousand wrenches B) 30 thousand wrenches C) 23 thousand hammers D) 0 hammers
Which of the following assets is most liquid?
a. Funds in a checking account. b. A car. c. A home. d. A municipal bond.