An oligopoly market is:
A. a market with many sellers.
B. a market with a single seller.
C. a market with a few sellers.
D. a market with many buyers.
C. a market with a few sellers.
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The highest unemployment rate in U.S. history was about
A) 10.2 percent in 2009. B) 5.9 percent in 1972. C) 10 percent in 1982. D) 25 percent in 1933. E) 52 percent in 1939.
Refer the above figure. Suppose the union sets the wage rate that will maximize the total income for the members who work. The total wages will be
A) W1iL4O. B) W2aL3O. C) W3bL2O. D) W3bhW1.
What economic concept is represented using the equation E(MB) > E(MC)?
a. comparative advantage b. net marginal benefit c. cost of marginal thinking d. rule of rational choice
On the vertical axis, the production possibilities frontier shows ________; on the horizontal axis, the production possibilities frontier shows ________
A) the quantity of a good; the number of workers employed to produce the good B) the quantity of a good; the price of the good C) the quantity of a good; a weighted average of resources used to produce the good D) the quantity of one good; the quantity of another good