The most competitive industry is one that has
A. price leadership.
B. open collusion.
C. covert collusion.
D. a cartel.
A. price leadership.
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If Melissa owns a software company that incurs no fixed costs, then
A) her total cost equals her total variable cost. B) she will earn an economic profit. C) her total variable cost is less than her total cost. D) her total cost equals zero. E) her marginal cost must equal zero.
The demand for a subway ride is probably ________ than is the demand for a car because ________.
A. less price elastic; people will take a longer time to adjust to the change in the price of a subway ride B. more price elastic; a subway ride requires a smaller portion of one's income C. more price elastic; people will take a longer time to adjust to the change in the price of a subway ride. D. less price elastic; a subway ride requires a smaller portion of one's income
The cost of an action is measured in terms of foregone opportunities
a. True b. False Indicate whether the statement is true or false
The United States has a larger real GDP than China because
A. The U.S. population is larger but works in capital-intensive jobs. B. The U.S. population is smaller but works in capital-intensive jobs. C. The U.S. population is larger but works in labor-intensive jobs. D. The U.S. population is smaller but works in labor-intensive jobs.