The most oligopolistic industry of those presented in the above table is likely to be industry
A) W.
B) X.
C) Y.
D) Z.
C
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If the government implements a price ceiling on insulin, this will
A) decrease the quantity of insulin the manufacturers will be willing to supply. B) encourage manufacturers to produce and sell more insulin to increase their profits. C) have to be set above the market equilibrium price to be effective. D) increase the price consumers will pay for insulin.
Which of the following statements is true?
A. Competitive firms will respond less to changes in output prices over the long run than they will over the short run because short-run marginal cost is lower than long-run marginal cost. B. Competitive firms will respond more to changes in output prices over the long run than they will over the short run because long-run marginal cost is lower than short-run marginal cost. C. Competitive firms will respond less to changes in output prices over the long run than they will over the short run because long-run marginal cost is lower than short-run marginal cost. D. Competitive firms will respond more to changes in output prices over the long run than they will over the short run because short-run marginal cost is lower than long-run marginal cost.
If a firm’s marginal product of labor is currently 75 units of output, the wage is $15 per unit of labor, and output sells for $0.80 per unit, the firm should
a) shut down production b) hire fewer workers c) maintain its current workforce, but at fewer hours per worker d) keep the current number of employees and hours worked e) hire more labor
Price and total revenue are directly related when demand is
A. unit price elastic. B. price elastic. C. perfectly price elastic. D. price inelastic.