The goal of an oligopoly is to maximize
A. Short-run profit to achieve long-run maximum revenue.
B. Market share to achieve long-run economic profit.
C. Profit in the short run and to minimize cost in the long run.
D. Short-run profit to achieve long-run market share.
Answer: B
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Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $15, there is an
A) excess supply of 10 t-shirts. B) excess supply of 8 t-shirts. C) excess demand of 8 t-shirts. D) excess demand of 10 t-shirts.
The long boom occurred in the
A) 1920s and 1930s. B) 1940s and 1950s. C) 1960s and 1970s. D) 1980s and 1990s.
In the above figure, Graph D with Capital on the vertical axis and labor on the horizontal axis implies that
A) the marginal product of labor is increasing as more labor is employed. B) the marginal product of labor is decreasing as more labor is employed. C) the capital and labor are perfect substitutes. D) capital and labor have to be employed in fixed proportions.
One way the Canadian system lowers costs is by rationing expensive procedures
a. True b. False