Consider a U-shaped long-run average cost curve that has a minimum efficient scale at 6,000 units of output. In this case, this industry would be
A) an oligopoly if the market quantity demanded is 18,000 units.
B) perfectly competitive if the market quantity demanded is 20,000 units.
C) an oligopoly if the four-firm concentration ratio is more than 10 percent.
D) monopolistically competitive if the market quantity demanded is 12,000 units.
A
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For a perfectly competitive firm, profit is maximized at the output level where i. total revenue exceeds total cost by the largest amount. ii. marginal revenue equals marginal cost. iii. price equals marginal cost
A) i only B) ii only C) ii and iii D) i and ii E) i, ii, and iii
In the economic way of thinking, the right to coerce adults is
A) immoral. B) a property right. C) the most efficient way for management to control labor. D) necessarily antithetical to a free and open society. E) good because it's rooted in the Old Testament.
Using the official measure of unemployment, which of the following would NOT be counted as unemployed?
A) a person who is not working but who has tried to find a job in the past week B) a person who is waiting to be called back to a job after having been laid off C) a person who performs traditional housework and does not work outside the home for pay D) a person who is waiting to start a new job in the next 30 days
Can purchasing-power parity be used to explain the fact that the U.S. dollar depreciated by more than 50 percent against the German mark between 1970 and 1998, but appreciated by more than 100 percent against the Italian lira during the same period? Defend your answer