The incentives for oligopolists to cheat on collusive agreements are strongest during periods of increasing industry sales
a. True
b. False
B
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Consider the currency market for British pounds and U.S. dollars. A decrease in the supply of British pounds results in a(n) ________ of the pound and a(n) ________ of the dollar.
A. appreciation; depreciation B. appreciation; appreciation C. depreciation; depreciation D. depreciation; appreciation
The marginal physical product of the third unit of labor in Figure 21.1 is
A. 12.0 units per day. B. 13.3 units per day. C. 40.0 units per day. D. 4.0 units per day.
Ceteris paribus, an increase in the number of sellers of running shoes causes equilibrium price to
A. Decrease and equilibrium quantity to decrease. B. Increase and equilibrium quantity to increase. C. Decrease and equilibrium quantity to increase. D. Increase and equilibrium quantity to decrease.
Use the following graph for a competitive market to answer the question below.
A price floor of $10 per unit will result in a
A. shortage of 200 units. B. surplus of 200 units. C. 50 units being traded. D. No shortage or surplus