Which of the following is an example of a product sold by an undifferentiated oligopoly?
a. steel
b. automobile
c. a new drug
d. breakfast cereal
a
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A merger occurs when two previously independent firms are combined under a single owner
a. True b. False Indicate whether the statement is true or false
Which of the following would be classified as an innovation?
a. Edwin H. Land perfects the single-step photographic process in 1947. b. Polaroid markets the single-step film in 1948. c. Thomas Alva Edison perfects the incandescent lamp with carbon filament in 1879. d. In 1803, Robert Fulton constructs his first small steamboat in Paris.
In a competitive market economy, firms and resource suppliers will seek to further their own self-interest, but at the same time, as if guided by an "invisible hand," they will promote the public interest.
Answer the following statement true (T) or false (F)
Davy's Doggie Daycare rents a warehouse and field for $2,000 a month to house its boarding pooches. Farmer Fred owns the property, he used to use it for farming and made $3,000 a month, but has since retired. What is the cost of the warehouse and field to Davy?
A. It is an implicit cost of $3,000. B. It is an explicit cost of $2,000. C. There is both an explicit and implicit cost totaling $5,000. D. It is an implicit cost of $0.