Which of the following provide the best evidence of specialization?
a. a firm that produces a line of related products, such as eight kinds of breakfast cereal
b. an architect who is willing to practice in only one geographic area
c. a physician that practices in a specialty area such as cardiology or orthopedic surgery
d. a family that eats at Wendy's every Thursday night
e. a retailer that sells goods but provides no services
C
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In Moscow in 1989, what were taxi drivers using as a medium of exchange?
A) Russian rubles B) Marlboro cigarettes C) gold coins D) caviar
When the potential money multiplier is 7, a $3,000 increase in demand deposits could support the creation of ______ new demand deposits
a. $3,000 b. $9,000 c. $15,000 d. $18,000 e. $21,000
Assume fixed costs are 470 and labor costs $20 per unit. The first laborer produces 20 units of output. Subsequent hires add 5 units less to production than the previous worker. Thus the second worker adds 15, the third adds 10 etc. Which of the following is a true statement?
A. Average fixed cost is 10 when output is 45. B. Marginal cost keeps falling as the number of laborers hired increases. C. At an output of 20 the total cost is $20. D. Average total cost at an output of 50 is 11.
Which of the following characterizes monopolistic competition?
A. Marginal cost pricing. B. Zero long-run profit. C. Price leadership. D. Retaliation.