Economists and accountants use the same definition of profit
a. True
b. False
Indicate whether the statement is true or false
False
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Assume the four-firm concentration ratio in industry X is 75 percent and that the firms in the industry produce a differentiated product. Industry X most likely would be characterized as:
A) perfectly competitive. B) a monopoly. C) monopolistically competitive. D) an oligopoly.
If Irene can make either four chairs or one table in an hour and Greg can make either three chairs or two tables in an hour, then
A) Irene has the absolute advantage in the production of tables. B) Greg has the absolute advantage in the production of chairs. C) Irene has the comparative advantage in the production of chairs. D) Greg has the comparative advantage in the production of chairs.
The game in the figure shown is a version of:
A. the prisoner's dilemma.
B. the first-mover advantage.
C. a sequential game.
D. a repeated game.
In the year 2003, with people focusing on television, the Internet, and talk show radio for their news and entertainment, the unemployed printing press operator is an example of
a. structural unemployment b. concealed unemployment c. frictional unemployment d. underemployment e. cyclical unemployment