Which of the following is an example of a good produced under perfect competition?
A) Cars
B) Corn
C) Bottled water
D) Patented software
B
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If the long-run supply curve slopes downward, we know that this is
A) a decreasing-cost industry. B) a constant-cost industry. C) an increasing-cost industry. D) a situation in which no input prices change as firms enter and exit the industry.
Which of the following statements about price wars is true?
A. Firms that have to deal with the possibility of price wars often have extremely flexible prices. B. Firms that do not have to deal with the possibility of price wars often have sticky prices. C. Price wars tend to increase the short-run flexibility of prices. D. Firms that have to deal with the possibility of price wars often have sticky prices.
If an individual earns $1,500 a month and spends it evenly throughout the month, transaction balances will average
A) $50 per month. B) $750 per month. C) $1500 per month. D) $3000 per month.
Two firms, A and B, are in the market and barriers to entry keep other firms from entering. The managers are involved in a Cournot oligopoly and the figure shows the best response curves for the two firms . In the Cournot equilibrium, Firm A produces ________ units per year and Firm B produces ________ units per year.
A) 250; 200 B) 400; 200 C) 250; 500 D) 200; 100