Oligopolies that produce identical products such as steel have
A. no control over the price of their product because of the availability of perfect substitutes.
B. no control over the price of their product because of the large number of buyers in the market.
C. some control over the price of their product because each firm sells a substantial share of the market.
D. some control over the price of their product because of the small number of buyers in the market.
C. some control over the price of their product because each firm sells a substantial share of the market.
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Real income is equal to ________ and a relative price is given by ________
A) the dollar amount of income divided by the dollar price of a good; the dollar price of one good divided by the dollar price of the good whose relative price is being calculated B) the dollar price of one good divided by the dollar price of the good whose relative price is being calculated; the dollar amount of income divided by the dollar price of a good C) The dollar price of one good divided by the dollar price of another good; the dollar price of one good divided by the dollar price of the good whose relative price is being calculated D) the dollar amount of income; real income divided by the dollar amount of income
Even when the demand for one good is high, the price of the good is also affected by supply. The textbook illustrates this by comparing the price of two items that were auctioned on the same day
Which of the following describes the results of the auction? A) A letter written by Abraham Lincoln sold for a higher price than a letter written by John Wilkes Booth. B) A letter written by John Wilkes Booth sold for a higher price than a letter written by Abraham Lincoln. C) A letter written by Abraham Lincoln was sold for a higher price than a letter written by Adam Smith. D) A letter written by John Wilkes Booth sold for a higher price than a letter written by Lee Harvey Oswald.
Which of the following contributed to the positive output ratio experienced in the 1960s?
A) decreased government spending B) tax decreases C) favorable oil price shocks D) favorable farm price shocks
Americans are creating an enormous amount of solid waste daily-over 4 pounds per person per day. How is the United States coping with this extraordinary problem?