A perfectly competitive market:
A. is dominated by one firm.
B. consists of at most five firms.
C. is made up of a large number of firms.
D. consists of only one firm.
Answer: C
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Refer to Figure 4-9. How much of the tax is paid by producers?
A) $45 B) $8 C) $3 D) $2
Table 7-6 Number of ovens 2 2 2 2 2 2 2 2 Labor hours used 1 2 3 4 5 6 7 8 Loaves of bread produced 20 34 55 70 82 91 94 92 Table 7-6 shows a baker’s daily production relationship for bread. Diminishing returns to labor begin when the baker goes from
A. one hour of labor to two hours of labor. B. three hours of labor to four hours of labor. C. six hours of labor to seven hours of labor. D. seven hours of labor to eight hours of labor.
The merger of two pizza restaurant chains would be an example of
A) a horizontal merger. B) a vertical merger. C) a conglomerate merger. D) an independent merger.
During a recession
A) incomes rise and employment decreases. B) incomes fall and unemployment increases. C) incomes fall and unemployment falls. D) incomes rise and unemployment increases.