If firms in an oligopolistic industry successfully collude and form a cartel, what price and output will result?
A) the monopoly price and output
B) the competitive price and output
C) the monopolistically competitive price and output
D) a price higher than the monopoly price and, because there is more than one firm in the industry, more output than the monopoly amount
E) a price lower than the competitive price and, because there are only a few firms in the industry, less output than the competitive amount
A
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In the long run, if the demand curve of a monopolistically competitive firm is tangent to its average total cost curve then
A) the firm would earn an economic profit. B) the firm would earn enough revenue to cover its variable costs, but not its fixed costs. C) the firm would break even. D) the firm would shut down temporarily.
The following table provides information about production at the XYZ-TV Company. Number of WorkersTVs ProducedMarginal ProductValue of Marginal Product00------13535$35,00026833$33,00039931$31,000412829$29,000515527$27,000 How many workers will XYZ-TV Company hire if the going wage for TV production workers is $34,000?
A. 0 B. 1 C. 3 D. 2
If a manager multiplies the quantity sold by the price paid for each unit, the manager calculates:
A. total benefit. B. total revenue. C. total cost. D. total profit.
Crowding out is less of a concern in the United States' economy today because the supply of loanable funds is ________ supply.
A. a global B. a constant C. an infinite D. a competitive