An oligopoly is a market situation in which
A) there are many firms producing differentiated products.
B) there is a single firm producing several varieties of a product.
C) all the sellers act independently of the others.
D) there are very few sellers and they recognize their strategic dependence on one another.
Answer: D
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In the table above, if the wage rate is $12.00 per hour, the profit-maximizing number of workers is
A) 2. B) 3. C) 4. D) 5.
When the Fed uses money growth rates as an intermediate target, it implicitly assumes that the velocity of money is constant over time, at least in the short run
a. True b. False Indicate whether the statement is true or false
Learning curve: Shift down of ____ curve
Fill in the blank(s) with the appropriate word(s).
This graph shows the marginal cost and marginal benefit associated with roadside litter clean up. Assume that the marginal benefit curve and marginal cost curve each have their usual slope.
The marginal cost of litter removal ________ due to ________.
A. decreases; diminishing returns to inputs B. increases; increasing opportunity costs C. increases; the Coase Theorem D. decreases; gains from specialization