If a firm has substantial market power, it must be operating in an industry that would be classified as:
a. a monopoly or oligopoly.
b. perfectly competitive.
c. monopolistically competitive.
d. perfectly competitive or monopolistically competitive.
e. perfectly competitive or a monopoly.
a
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In the game in Scenario 13.17, who moves first?
A) Potential Entrant B) Incumbent Monopoly C) It's a sequential game; firms alternate moving first. D) Both players move simultaneously. E) Who moves first is decided by the equilibrium.
The exchange-rate arrangement that emerged from the Bretton Woods conference is often referred to as the:
a. dollar exchange standard. b. euro exchange standard. c. gold exchange standard. d. silver exchange standard. e. flexible exchange rate standard.
In order to gain competitive advantage, it would be more important to encourage a company to invest in ____ factors of production.
Fill in the blank(s) with the appropriate word(s).
Refer to the information provided in Figure 7.6 below to answer the question(s) that follow. 
Figure 7.6Refer to Figure 7.6. If this shoe manufacturer increases labor from 20 to 25 (moving along the given isoquant with Q=50), the marginal product of the 25th worker
A. is 7.5, as capital can be reduced by 7.5 units when the 25th worker is hired. B. is zero, as the total number of shoes produced remains at 50. C. cannot be determined because output remains constant. D. cannot be determined because both capital and labor have been increased.