An oligopoly is a market structure in which:
a. one firm has 100 percent of a market.
b. there are many small firms.
c. there are many firms with no control over price.
d. there are few firms selling either a homogeneous or differentiated product.
d
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In terms of microeconomic analysis, what is the function of "utils"?
A. a measurement of utility B. applies to changes in income C. a form of budget constraint D. relates to a consumers original choice
One way to avoid the principal-agent problem would be to have:
A. the employee constantly monitor the employer's activities. B. the employer constantly monitor the employee's efforts. C. the employer share all management choices with employees before making decisions. D. the employee sign a waiver of release.
Your firm sells club soda in both grocery stores and convenience stores. You have a budget of $550 for store displays, and must decide how to allocate this budget between grocery stores and convenience stores to maximize the total number of sales. The following table shows the total number of units that can be sold in grocery stores and convenience stores, according to the number of displays in each type of store. Displays in grocery stores cost $150 each and displays in convenience stores cost $100 each.
Given the above information, at the optimal choice with a budget of $550, the last dollar spent on grocery store displays yields
A. 300 additional sales. B. 3.0 additional sales. C. 3.3 additional sales. D. 500 additional sales.
Increasing wage rates will result in more hours worked.
A. True B. False C. Uncertain