The market for widgets is divided as follows: Wally's Widgets has 45 percent of the market; Willy's Widgets has 22 percent of the market; Woody's Widgets has 10 percent of the market; and Wanda's Widgets has 8 percent of the market. The other 542 firms in the widget industry have the remaining 15 percent of the market. How would you describe the widget market?
It's an unbalanced oligopoly because sales of the 4 leading firms make up the larger share of the market
and are distributed unevenly among them.
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The law of increasing opportunity cost reflects the fact that
a. the production possibilities frontier is bowed inward b. resources are not perfectly substitutable c. resources cannot always be used efficiently d. an economy will operate at a point inside the production possibilities frontier e. an economy will operate at a point along the production possibilities frontier
Labor productivity refers to the total amount of output a worker produces in some period of time (an hour, a week, a month, a year)
a. True b. False Indicate whether the statement is true or false
If the government used the revenue from the excise tax on alcohol to fund research on alcoholism treatment programs, this would be an example of
A. a vertical equity tax. B. a benefits-received tax. C. an ability-to-pay tax. D. a user fee.
If Country A exports a good to Country B, the prices of the good in Country A will ______ and the prices of the good in Country B will ________
a. increase; increase b. decrease; decrease c. increase; decrease d. decrease; increase e. stay the same; increase