An oligopoly is a market where there are a handful of dominant firms. A type of oligopoly where there are only two firms is a duopoly.
Indicate whether the statement is true or false
Answer: True
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The federal government sets the poverty line at roughly
a. five times the cost of providing an adequate diet. b. four times the cost of providing an adequate diet. c. three times the cost of providing an adequate diet. d. two times the cost of providing an adequate diet.
The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The average variable cost of producing 80 units equals ________ per unit
A) $0.75 B) $1.00 C) $1.75 D) $20 E) $0.25
Refer to the table above. Assume that the market for notebooks is in equilibrium. Which of the following is likely to happen if there is an increase in the school enrollment rate, other things remaining the same?
A) The equilibrium price and quantity remain unchanged. B) Both the equilibrium price and quantity of notebooks decrease. C) Both the equilibrium price and quantity of notebooks increase. D) The equilibrium price increases, but the equilibrium quantity of notebooks decreases.
A firm's demand for labor
A) increases when the price of the firm's output falls. B) decreases when the price of the firm's output falls. C) decreases when the wage rate decreases. D) always increases when the prices of other factors fall.