All of the following are possible characteristics of oligopoly except
A. free entry into the industry.
B. significant economies of scale.
C. interdependence among sellers.
D. homogeneous product.
Answer: A
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When a firm faces a perfectly competitive market and buys its inputs from perfectly competitive markets, the only choice the firm has to affect its profits is to:
A. increase its selling price. B. change the quantity it produces. C. decrease the selling price. D. decrease its cost of production lower than other firms.
The marginal productivity principle says that a profit-maximizing firm should
a. hire capital until its marginal product is zero. b. hire labor until another worker costs more to hire than she can earn for the firm. c. hire the quantities of capital and of labor at which their marginal products are equal. d. hire capital until its marginal product is negative.
Computer forecasting models are most accurate at predicting the economy when
a. inflation is accelerating. b. there is a turn in the business cycle. c. economic conditions are relatively stable. d. supply shocks impact the economy.
Between 2002 and 2011, U.S. farmers received yearly direct subsidies from the Federal government averaging at about:
A. $2 billion B. $10 billion C. $22 billion D. $40 billion