Give some examples of oligopolistic behavior among the major fast food companies
What will be an ideal response?
The companies typically match each other in terms of price cuts, cooking styles, and menu variety.
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If the Federal Reserve uses open market operations to offset a recession, the Fed ________ government securities in order to ________ the federal funds rate
A) buys; not change B) sells; raise C) sells; lower D) buys; lower E) buys; raise
The definition of cross elasticity of demand for two products X and Y is
A. percentage change in quantity of X demanded/percentage change in quantity of Y demanded. B. percentage change in price of Y/percentage change in quantity of X demanded. C. percentage change in price of Y/percentage change in price of X. D. percentage change in quantity of X demanded/percentage change in price of Y.
When costs are at a minimum,
A. the ratio of the MPL/MPK < Price L/Price K. B. MPL = MPK. C. Price L = Price K. D. the extra output we get from the last dollar spent on an input must be the same for all inputs.
Doctors in private health care clinics provide better care than those in public clinics because:
A. they are better trained. B. their fixed salary is generally higher than the fixed salaries of public clinic doctors. C. they have more incentive to practice good medicine. D. their facilities are generally much more updated than public facilities.