Knowing that Coke controls 80 percent of the cola market and Pepsi controls 20 percent, we can conclude the cola market is:
A. monopolistically competitive.
B. a monopoly.
C. an oligopoly.
D. perfectly competitive.
Answer: C
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An inward shift of a nation's production possibilities frontier can occur due to
A) a natural disaster like a hurricane or bad earthquake. B) an increase in the labor force. C) a change in the amounts of one good desired. D) a reduction in unemployment.
The marginal cost is the
a. same as the variable cost when output is increasing b. change in total cost as the quantity changes by one unit c. change in average variable cost as the quantity changes by one unit d. change in total fixed cost as the quantity changes by one unit e. same as the fixed cost when average fixed cost is at a minimum
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.
Command systems are also known as:
A. market systems. B. pure capitalism. C. laissez-faire capitalism. D. communism.