The defining characteristic of oligopoly is product differentiation
a. True
b. False
B
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Refer to the scenario above. The winner of this auction will earn a consumer surplus of ________
A) $450 B) $50 C) $150 D) $100
The figure above shows depicts the marginal revenue and costs of a perfectly competitive firm. The price the firm charges is
A) $4 per unit. B) $8 per unit. C) $16 per unit. D) None of the above answers is correct.
What is the major anticipated benefit of global capital markets? Do all countries gain?
What will be an ideal response?
Sunshine's Organic Market sells organic produce. Assume that labor is the only input that varies for the firm. The store manager has determined that if she hires 12 workers, the store can sell 300 pounds of produce per day. If she hires 13 workers, the store can sell 370 pounds of produce per day. The store earns $4 for each pound of produce that it sells, and the manager pays each worker $80 per
day. Assuming no changes in either the daily wages paid to store workers or the price at which the store sells its produce, what is the minimum number of sales that would allow the firm to increase its profits by hiring a 14th worker? a. 374 pounds per day b. 380 pounds per day c. 390 pounds per day d. 450 pounds per day