In which of the following market structures can you find differentiated products?
A. monopoly
B. perfect competition
C. oligopoly
D. monopolistic competition and oligopoly
Answer: D
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Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula TC = 1,000Qmill + (Qmill)2, where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula MEC = 200 + 2Qmill. Finally, annual market demand (in thousands of tons) is given by the formula Qd = 200,000 - 100P. What is the competitive price?
A. $1,400 B. $920 C. $7,000 D. $1995
Suppose you observe that the price of movie admissions decline and that the number of people attending movies declines as well. If only the demand curve or the supply curve shifts, this suggests that
A) movies are a normal good and incomes have increased. B) high salaries for Hollywood actors have increased the cost of movie making. C) movie theaters have experienced an increase in their operating costs due to increases in the minimum wage. D) admission prices for other types of entertainment, such as live shows and sporting events, have also declined.
Assume that the multiplier effect for Mexico is 0.85 for an increase in spending by the U.S. government by $1 . Therefore, a $20 billion decrease in spending by the U.S. government results in:
a. a $23.5 billion increase in Mexican real GDP. b. a $133.3 billion decrease in Mexican real GDP. c. a $3 billion decrease in Mexican real GDP. d. a $17 billion decrease in Mexican real GDP. e. a $23.5 billion decrease in Mexican real GDP.
Assume that Kelly's various possible activities are mutually exclusive. The opportunity cost from choosing one activity equals the
a. summed value of all her alternative activities b. summed value of all her alternative activities minus the value of the chosen activity c. value of the next most valuable alternative activity d. value of the next most valuable alternative activity minus the value of the chosen activity e. summed value of all her alternative activities minus the value of the next most valuable alternative activity