All of the following are non-price determinants of demand EXCEPT
A. number of consumers.
B. price of raw materials used in production of the good.
C. income.
D. price of related goods.
Answer: B
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Suppose the airplane market is an oligopoly. According to the figure above, the quantity produced can range as high as ________ planes per week and as low as ________ planes per week
A) 10; 4 B) 12; 6 C) 6; 0 D) 12; 0 E) None of the above answers is correct.
Refer to Table 8-2. Suppose that a simple economy produces only four goods and services: shoes, DVDs, tomatoes, and ketchup. Assume one half of the tomatoes are used in making the ketchup and the other half of the tomatoes are purchased by households. Using the information in the above table, nominal GDP for this simple economy equals
A) $7,400. B) $6,400. C) $5,800. D) 2,440 units.
The United States international investment position is negative
Indicate whether the statement is true or false
Which of the following is a characteristic of an oligopolistic industry? a. Each firm faces many competitors who sell identical products. b. Many firms compete to sell similar, but differentiated, products. c. Firms face no competitors
d. A few large firms have all or most of the sales in an industry.