Local telephone service was once an area in which consumers had no choices. Many young people no longer use "land lines," preferring instead to use their cellular phones. This means that the market has moved toward
A. perfect competition.
B. monopoly.
C. monopsony.
D. oligopoly.
Answer: D
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The yardstick most often used to compare living standards across nations is
a. average production cost per unit b. sales revenue per month c. utility per capita d. GDP per person e. imports per year
The demand for firewood is likely to be more elastic in the summer than in the winter
Indicate whether the statement is true or false
Tanesha sells homemade candles over the Internet. Her annual revenue is $64,000 per year, the explicit costs of her business are $17,000, and the opportunity costs of her business are $22,000. What is her accounting profit?
A) $17,000 B) $22,000 C) $47,000 D) $64,000
A very small percentage of GDP tends to come from the service sectors in poor countries.
Answer the following statement true (T) or false (F)