OPEC is an influential international oil exporting organization. It can be categorized as which of the following market structure.

a) monopolistic competition
b) monopoly
c) oligopoly
d) pure competition


Answer: c) oligopoly

Economics

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Suppose the demand for Pepsi-Cola is qp = 50 - 2pp + 1pc. The firm faces a constant marginal cost of m, and pc denotes the price of Coca-Cola

Assuming Bertrand behavior, derive Pepsi-Cola's best-response function and explain how the firm changes price in response to changes in its own marginal cost and changes in Coca-Cola's price.

Economics

If you are at an all-you-can-eat buffet dinner and you are considering whether to eat another dessert, you, as a rational consumer should decide to eat the desert

A. no matter what because you want to get more for your money. B. if it brings you more pleasure than the price you paid for the meal. C. if it brings you any pleasure at all. D. if it brings you as much pleasure as the desert costs if it is ordered a la carte.

Economics

An increase in real income ___ the demand for real money balances and thereby causes a ___ in the nominal rate of interest.

a. lowers; rise b. lowers; fall c. raises; rise d. raises; fall

Economics

Suppose that because of unseasonably cold weather in Florida, a significant portion of the orange crop has been lost to freezing temperatures. This statement means that

A) the demand for oranges will rise. B) the equilibrium quantity of oranges will rise. C) the amount of oranges available at various prices will decline. D) the price of oranges will fall.

Economics