(Consider This) The main idea highlighted in the story about artist Pablo Picasso is:
A. derived demand.
B. human capital.
C. opportunity cost.
D. occupational licensure.
Answer: B
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Assume two firms are currently competing in a market. If one of the two firms wants to try to eliminate the other firm as a competitor, should it undertake a strategy of limit pricing or predatory pricing? Why? In addition, describe the conditions
under which the strategy you have selected will be most successful.
Having an absolute advantage in the production of a good implies that a country
a. should specialize in the production of the good b. is able to produce the good with fewer resources than another country c. should not specialize in the production of the good d. also has the comparative advantage in the production of the good e. cannot have an absolute advantage in the production of the good
Suppose that enforcement of antitrust laws resulted in any firm in this industry with market share above 20 percent to be split into two firms, with each having equal market share. That would cause this industry to
A) change from monopolistic competition to oligopoly. B) change from oligopoly to monopolistic competition. C) remain an oligopoly. D) remain monopolistically competitive.
The main source of government funding is
A) user fees. B) taxes. C) borrowing. D) transfer payments.