You've set aside $500 a month to go golfing. If each round costs $55, how many rounds of golf can you play each month?
A. 2 rounds
B. 11 rounds
C. 10 rounds
D. 9 rounds
Answer: D
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Which of the following does NOT influence the type of oligopoly that forms?
A) Whether firms act sequentially or simultaneously. B) Whether firms set price or quantity. C) The type of demand curve the firms face. D) The time horizon over which firms will be in competition.
Which of the following is true under natural monopoly?
a. The marginal cost curve will be above the average cost curve. b. The monopolist will set price equal to marginal cost and will earn economic profits. c. Economies of scale will be present. d. Output is produced under conditions of constant cost.
The less time that elapses, the
A. more price elastic is the demand for the product. B. greater the income elasticity of demand for a product. C. smaller the income elasticity of demand for the product. D. less price elastic is the demand for the product.
Use the following table for Country X to answer the next question. Column 1 of the table is the world price of a product, Column 2 is the quantity demanded domestically (Qdd), and Column 3 is the quantity supplied domestically (Qsd). Assume the small-country model is applicable.PriceQddQsd$5.002004004.002503503.003003002.003502501.00400200If the world price is $5.00, Country X will experience
A. a domestic surplus of 100 units, which will be exported. B. a domestic surplus of 200 units, which will be exported. C. neither a domestic surplus nor a shortage. D. a domestic shortage of 100 units, which will be imported.