Which is NOT a characteristic of monopolistic competition?
A. lack of collusion among firms
B. few firms in the industry
C. small share of market to each firm
D. independence of each firm's decisions
Answer: B
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Refer to Table 2-7. What is Mickey's opportunity cost of making a hat?
A) 1/10 of an umbrella B) 1/5 of an umbrella C) 5 umbrellas D) 10 umbrellas
If a firm is a price taker, then its marginal revenue will always equal
A) price. B) total cost. C) zero. D) one.
For each city across the U.S., economists construct a price index for a similar basket of goods. In Los Angeles the index is 127.3 and the index for Dallas is 94.8
If you have been offered $137,000 for a job in Los Angeles and $117,000 for a similar job in Dallas, which job affords you the highest purchasing power of the bundle of goods in the price index? Use the Los Angeles value as the base.
A profit seeking corporation whose charter specifies a social or environmental goal that the company must pursue in addition to profit
What will be an ideal response?