Which one of these firms would be an oligopolist?
A. Proctor & Gamble
B. A family farm
C. A McDonald's restaurant in Manhattan
D. The only dentist in Hendry County, Florida
A. Proctor & Gamble
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Rebecca can stitch 6 shirts in a day while Eliza can stitch only 5 shirts in a day. Rebecca can stitch 2 trousers in a day while Eliza can stitch 3 trousers in a day. Which of the following is true in this case?
A) Rebecca has a comparative advantage in stitching trousers. B) Eliza has an absolute advantage in stitching trousers. C) Rebecca has an absolute advantage in stitching trousers. D) Eliza has a comparative advantage in stitching shirts.
If demand for a given good is perfectly elastic, it follows that
a. as price changes, quantity demanded does not change. b. as price changes, quantity demanded changes by a larger percentage. c. as price changes only a small percentage, quantity demanded falls to zero. d. as income changes only a small percentage, quantity demanded changes by a very large percentage. e. none of the above
Efforts to raise money for local charities illustrate which of the following?
a. Using social pressure to produce a public benefit b. Relying on society to develop positive externalities c. Creating nonexcludable but rivalrous resources d. Distributing private benefits throughout society
The BLS has recently made explicit adjustments in its CPI calculations to control for
A. food safety quality issues. B. purchase location adjustments. C. issues relating to the frequency of market basket updates. D. substitution between goods.