Which of the following is a similarity between an oligopoly and monopolistic competition?
a. Both markets are characterized by mutually interdependent decision making.
b. Both markets produce homogeneous products
c. Both markets are controlled by many dominant firms.
d. Both markets have firms that compete for market share.
d
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Explain the concept of the "idea gap" in development economics
What will be an ideal response?
Ronnie waits one hour in queue to buy a ticket to a rock concert. The opportunity cost of buying the $28 ticket:
a. is Ronnie's best alternative use of the sum of $28 spent on the ticket. b. is Ronnie's best alternative use of the one hour it took to wait in queue. c. is the revenue of $28 earned by the ticket agent. d. is Ronnie's best alternative use of both $28 and the one hour spent in the queue. e. cannot be measured because there is no opportunity cost associated with consumption.
Market mechanisms are unlikely to provide
A. prices. B. nonrival goods efficiently. C. supply and demand. D. none of these answer options are correct.
In Exhibit 3-16, assume that the market price of chairs is $5 each. This price is:?
A. ?an equilibrium price. B. not an equilibrium price, since there is an excess supply at a price of $5. C. ?not an equilibrium price, since there is an excess demand at a price of $5. D. ?not an equilibrium price, since the rate at which chairs are being supplied is great than the rate at which they are being demanded.