The percentage of workers represented by unions reached its peak in the
A. 1990s.
B. 1980s.
C. 1970s.
D. 1940s.
Answer: C
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Suppose a multi-product monopolist sells two complementary goods, A and B. Annual market demand for good A is QdA = 600 - 25PA - 12PB. Each time a consumer buys A, his demand for B is QdB = 4 - 0.4PB. The marginal cost of good A is a constant $4, and the marginal cost of good B is a constant $0.50. Suppose the price of good B is $5. If the monopolist considers the effect of additional sales of A on the sales of good B, how many units of good A will it produce?
A. 415 B. 332.5 C. 220 D. 207.5
Oligopoly occurs when
a. a few firms sell many different products. b. a few firms sell to a few large buyers. c. many firms dominate a single market. d. a few firms dominate a single market.
When comparing the standard of living in two countries it is important to adjust total output for differences in:
A. political systems. B. geographic area. C. population. D. employment levels.
Purchasing goods produced in another country is the most common reason to
A. running a trade surplus. B. exporting to one country. C. investing in one country. D. exchange one currency for another.