All of the following industry types have market power except
A. monopolistic competition.
B. monopoly.
C. perfect competition.
D. oligopoly.
Answer: C
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The CPI market basket is determined by
A) tax return data of households. B) supermarket purchases recorded by scanner technology. C) profit releases of the largest companies. D) a consumer survey. E) surveys asking large retail companies, such as Wal-Mart, about their sales of consumer goods and services.
How does an increase in the price of laptop memory chips affect the market of laptops?
a. The demand curve for laptops shifts to the right b. The demand curve for laptops shifts to the left c. The supply curve for laptops shifts to the right d. The supply curve for laptops shifts to the left
Capital resources include money and other financial assets
a. True b. False Indicate whether the statement is true or false
When a profit-maximizing firm's fixed costs are considered sunk in the short run, then the firm
a. can set price above marginal cost. b. must set price below average total cost. c. will never show losses. d. can safely ignore fixed costs when deciding how much output to produce.