Which of the following best illustrates the human capital of a survivor stranded on an island?
a. the fishing poles she has produced
b. the invention of a better fishing lure
c. the fresh fruit and fish on and around the island
d. her previous training in a survival course
d
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A cartel price will be established at the quantity where
A) total cost equals the industry total revenue. B) average cost equals the industry revenue. C) the sum of the members' marginal costs equals industry marginal revenue. D) marginal cost equals industry price.
Product differentiation complicates the study of oligopolies because such markets may not:
a. be efficient. b. have prices equal to marginal cost. c. have free entry and exit. d. obey the law of one price.
When people heard that there was a shortage of specialty dolls, they wanted even more of them. Because of this effect the pressure on the price of these dolls increased. The price of the dolls remained the same however. Thus, the shortage of these dolls:
A. increased. B. may have increased or decreased. C. decreased. D. did not change.
Refer to Figure 6.3. If the market is in equilibrium, the producer surplus is:
A. area ABC. B. area BCD. C. zero. D. area ACD.