The cookie industry in Eatsweetland consists of 15 firms. The industry sales are $80 million per month. The sales of the largest 5 firms are shown in the table below. The rest 10 firms have sales of $3 million each. The U.S
Department of Justice would classify the market for cookies in Eatsweetland as A) competitive.
B) uncompetitive.
C) moderately competitive.
D) monopolistic.
C
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Price ceilings frequently lead to
A. an accumulation of surpluses. B. an increase in the number of units purchased, moving along the demand curve. C. increased production, since producers respond to increased consumer demand at the low ceiling price. D. result in the development of black markets.
In a floating exchange market, the exchange rate for pesos and yen will not change when:
a. the yen trades at a rate below the equilibrium level b. the peso trades at a rate above the equilibrium level c. the currencies trade at the equilibrium exchange rate d. it will change in all of these situations
The market pricing system corrects an excess supply by
a. raising the product price and increasing producer profits. b. lowering the product price and decreasing producer profits. c. raising the product price and decreasing producer profits. d. lowering the product price and increasing producer profits.
the annual percentage rate of increase in the average price level
What will be an ideal response?