According to William Shepherd's examination of competitive trends in the U.S. economy, a tight oligopoly
a. is a single firm that controls the entire market and can block entry
b. is an industry in which the top four firms supply more than 60 percent of the market, have stable market shares, and cooperate with each other
c. is an industry in which the top four firms supply more than 60 percent of the market, have unstable market shares, and do not cooperate with each other
d. is an industry in which a single firm has over half the market share and no close rival
e. is an industry in which a single firm has over one-third of the entire market, the market share is stable, and the firm cooperates with other firms in the industry
B
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Which of the following assumptions is crucial to the classical model but not the Keynesian model?
a. The real wage always equals the marginal product of labor. b. Real wages are perfectly flexible. c. nominal wages are perfectly flexible. d. monetary policy primarily affects aggregate demand. e. both b and c.
What would happen to the budget line if income as well as prices of both goods increase by the same percentage?
a. A rightward parallel shift in the budget line. b. A leftward parallel shift in the budget line. c. A rightward shift in the budget line. d. No shift in the budget line.
Mary has an income of $50 . She spends her entire money either on burgers or on cookies. The price of a burger is $10, and the price of a cookie is $5 . Which of the following consumption bundles can Mary afford, given her income?
a. 5 burgers and 2 cookies b. 3 burgers and 4 cookies c. 3 burgers and 6 cookies d. 4 burgers and 3 cookies
A farmer has 500 acres on which he has previously grown corn. His yield per acre is 100 bushels of corn. If his production flexibility contract payment is $21,250, then what is the corn payment rate?
A) $0.45 B) $0.67 C) $0.50 D) $0.10 E) There is not enough information to answer the question.