Which of these four-firm concentration ratios suggests that an oligopoly exists in an industry?
a. 5 percent
b. 25 percent
c. 50 percent
d. 95 percent
d. 95 percent
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If there is a negative sign in front of unilateral transfers for the United States, then
A) the United States imported more services than it exported. B) the value of U.S. gifts to foreigners exceeded foreign gifts to U.S. residents. C) the United States imported more commercial financial assets than it exported. D) the United States had a negative balance of trade.
If my wage rate increases, utility maximization requires that my quantity of labor supplied
a. increase b. decrease c. increase if the income effect dominates the substitution effect d. increase if the substitution effect dominates the income effect e. increase if the substitution effect equals the income effect
Which of the following is true regarding the cost curves faced by a firm?
a. when MC > ATC, AVC must be falling b. when MC > AVC, ATC must be rising c. when MC > ATC, ATC must be rising d. MC and ATC are the same for a perfectly competitive firm e. when MC is a horizontal line, price is constant
The average-fixed-cost curve is always declining. How does this affect the relationship between the AVC and ATC curves?