When a market consists of a few large firms and barriers to entry exist, it:
A. must be monopolistically competitive.
B. is likely an oligopoly.
C. is likely a monopoly.
D. must be perfectly competitive.
Answer: B
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If the price of an Xbox player falls, then in the market for Xbox games
A) the demand curve for Xbox games shifts rightward. B) the demand curve for Xbox games shifts leftward. C) there is a movement downward along the demand curve for Xbox games. D) there is a movement upward along the demand curve for Xbox games.
The worldwide slowdown in labor productivity began in the early
a. 1960s. b. 1970s. c. 1980s. d. 1990s.
Suppose the observed annual quantity of steel exchanged in the European market is 30 million metric tons, and the observed market price is 90 euros per ton. If the price elasticity of demand for steel is -0.3 in Europe, what is an appropriate value for the price coefficient (b) in a linear demand function ?
A. b = -0.9 B. b = 0.9 C.b = 0.1 D. b = -0.1
The cross-price elasticity of demand between bread and potatoes is estimated to be 0.5. This implies bread and potatoes are:
A. normal goods. B. complements. C. substitutes. D. unrelated.