During the American Revolution, the Pennsylvania legislature enacted price controls on essential commodities. The result of this legislation was
a. a large increase in the availability of those items, ending shortages.
b. a severe shortage of those essential commodities.
c. an increase in the price of those items, thus alleviating shortages.
d. new efforts to increase production of those commodities.
e. a minor inconvenience as persons adjusted to the new law.
b
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Refer to Table 1-6. What is Ivan's marginal benefit if he decides to stay open for six hours instead of five hours?
A) $10 B) $20 C) $30 D) $91.67
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 400, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure function?
A. ME = 50Q + 10,000 B. ME = 100Q + 10,000 C. ME = 50Q + 20,000 D. ME = 100Q + 20,000
A __________ merger takes place when a firm buys another firm unrelated to the original firm's business.
Fill in the blank(s) with the appropriate word(s).
Which is an example of a differentiated oligopoly?
A. The beer industry. B. The cement industry. C. The primary aluminum industry. D. The polyester fiber industry.