An industry in which only two firms compete to supply a particular product is:
a) An oligopoly.
b) A monopoly.
c) Monopolistic competition.
d) A duopoly.
Answer: d) A duopoly
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Refer to Figure 4-4. What is the value of producer surplus at the equilibrium price of $15?
A) $80 B) $160 C) $240 D) $400
The marginal factor cost of a monopsonist is
A) upward sloping and the same as the supply curve. B) downward sloping when the supply curve of labor is upward sloping. C) upward sloping and rises faster than the supply curve. D) horizontal.
To say that people make marginal decisions means that
a. they usually wait until the last minute before making a decision to buy b. they weigh the additional costs and additional benefits of various activities before they make a decision c. most people just barely get by on the incomes they earn and live from day to day on the very edge of subsistence d. they consider the total cost and benefit of various activities before they make a purchase
Healthcare price controls will lead to
a. more innovative healthcare treatments. b. waiting lines and lengthy delays for treatment. c. higher quality healthcare services. d. an increase in the supply of healthcare services.