Which of the following is the best example of an oligopolistic industry?
A) public education
B) the beef market
C) the beauty products industry
D) the pharmaceutical industry
D
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The equation of exchange can be written as
A) MsV = PY. B) MsP = VY. C) MsY = VP. D) None of the above are correct.
A product's price elasticity of demand is likely to be greater
A) if it only has a few substitutes. B) if consumers spend a small proportion of income on the product. C) the less time consumers have to adjust to price changes. D) if the product is a luxury good rather than a necessity. E) Both answers C and D are correct.
Production of a catheter in the U.S. requires either one skilled worker-day or two unskilled worker-days, while production of the same device in Guatemala, because of its relative lack of transportation and communications infrastructure, requires either three skilled worker-days or four unskilled worker-days. Production of a hammock in the U.S. requires one-fourth skilled worker-day or one-third unskilled worker-day, while production of a hammock in Guatemala requires one-third skilled worker-day or one unskilled worker day. If eighty unskilled worker-days are moved from producing hammocks to producing catheters in the U.S., while ninety skilled worker-days are moved from producing catheters to producing hammocks in Guatemala, combined production of the two goods in the two countries will
change by A. thirty additional catheters and five additional hammocks. B. ten additional catheters and thirty additional hammocks. C. ten additional catheters and sixty fewer hammocks. D. no net change in production of the two goods would occur.
In monopolistic competition, firms sell a differentiated product. In perfect competition, firms sell an identical product. How do these markets differ as a result?
What will be an ideal response?