An industry which has a 4-firm concentration ratio near 20 would best be described as
A. oligopoly.
B. monopolistic competition.
C. perfect competition.
D. monopoly.
Answer: B
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Which of the following must be true of an attorney who buys a portable computer so that she can work on trains and planes?
a. She is engaging in conspicuous consumption. b. She gets utility from working. c. She thinks the opportunity cost of her time is higher than it really is. d. She thinks the opportunity cost of her time is lower than it really is. e. She is trying to reduce the opportunity cost of traveling.
If price elasticity of supply is less than 1
A. demand is inelastic. B. supply is elastic. C. supply is inelastic. D. demand is elastic.
In terms of the musical chairs analogy in the text, which of the following is a description of structural unemployment?
A. There are too many chairs. B. There are enough chairs, but it takes time to find one. C. There are too few chairs. D. There are enough chairs, but some are not the right size.
Deposit insurance indirectly helped to create the savings and loan crisis in the United States during the 1980s
Indicate whether the statement is true or false