In the long run an oligopoly:
A. Will produce less than a monopoly
B. May be able to earn positive economic profits
C. Will always produce in the range of decreasing returns to scale
D. Will produce on the portion of the demand curve where demand is price-inelastic
B. May be able to earn positive economic profits
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Which of the following can be a signal of product quality to customers?
a. Discounts offered on bulk purchases of the product. b. Gift of complementary products offered to purchasers. c. The information provided by the salesperson about the product. d. A warranty provided along with the product.
If beginning stocks for 2014/2015 are adjusted upward in the May (2014) WASDE report, then the estimate of the supply of corn for 2014/15:
a. Is decreased b. Is increased c. Is not affected by the adjustment
Given the broadest interpretation of technology, technology will include which of the following?
A) how well firms are run B) the organization and sophistication of markets C) the political environment D) the list of blueprints defining the types of products and the techniques available to produce them E) all of the above
The flu vaccination example in Section 1.1 of the textbook is an example of how policy makers may cope with
A) scarcity of medical treatment. B) scarcity of patients. C) scarcity of policy makers. D) answering the question of how to produce.