External link to Question : 31) A member of a cartel like OPEC has an : 1266868

Question : 31) A member of a cartel like OPEC has an : 1266868

  31) A member of a cartel like OPEC has an incentive to A) argue for larger production quotas for each member of the cartel. B) agree to a low cartel production level and then produce more than its quota. C) abide by its individual production quota. D) support equal production quotas for each member. 32) In which of the following cartels is total cartel […]

External link to Question : 51) If the HHI for the widget industry 1,200, then : 1238861

Question : 51) If the HHI for the widget industry 1,200, then : 1238861

  51) If the HHI for the widget industry is 1,200, then the market structure is A) a monopoly. B) monopolistic competition. C) an oligopoly. D) perfect competition. E) impossible to determine. 52) A market in which the Herfindahl-Hirschman Index exceeds 1,800 is considered to be A) competitive. B) not competitive. C) moderately competitive. D) purely competitive. E) either a monopoly or monopolistic competition.   […]

External link to Question : Table 13-1 Quantity Price (dollars) Total Revenue : 1387820

Question : Table 13-1 Quantity Price (dollars) Total Revenue : 1387820

  Table 13-1   Quantity Price (dollars) Total Revenue (dollars) 1 $7.50 $7.50 2   7.00 14.00 3   6.50 19.50 4   6.00 24.00 5   5.50 27.50 6   5.00 30.00   19) Refer to Table 13-1.  What is the marginal revenue of the 3rd unit? A) $6.50 B) $5.50 C) $1.83 D) $0.50     20) Refer to Table 13-1.  The Table […]

External link to Question : 31) A bowed out production possibilities frontier shows A) that resources : 1228132

Question : 31) A bowed out production possibilities frontier shows A) that resources : 1228132

    31) A bowed out production possibilities frontier shows A) that resources are equally productive in all uses. B) increasing opportunity cost. C) that resources are not equally productive in all uses. D) Both answers B and C are correct. E) Both answers A and B are correct.   32) The opportunity cost of a good increases as more of it is produced because […]

External link to Question : 21) If a tax cut increases aggregate demand more than : 1240630

Question : 21) If a tax cut increases aggregate demand more than : 1240630

    21) If a tax cut increases aggregate demand more than aggregate supply, real GDP ________ and the price level ________. A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls E) increases; does not change   22) How could an expansionary fiscal policy increase real GDP and lower the price level? A) if aggregate supply decreases more than aggregate demand increases […]

External link to Question : 51) The above figure shows the market for college education : 1238630

Question : 51) The above figure shows the market for college education : 1238630

    51) The above figure shows the market for college education in the United States. With no government intervention, the market equilibrium is at a tuition of ________ and ________ million students per year. A) 16,000; 14 B) $20,000; 10 C) $13,000; 10 D) $13,000; 17 E) $16,000; 10 52) The above figure shows the market for college education in the United States. With […]

External link to Question : 7.4   Behavioral Economics: Do People Make Their Choices Rationally? 1) What : 1245194

Question : 7.4   Behavioral Economics: Do People Make Their Choices Rationally? 1) What : 1245194

  7.4   Behavioral Economics: Do People Make Their Choices Rationally?   1) What is behavioral economics? A) the study of how people make wealth-maximizing decisions B) the study of how people behave in the face of scarcity C) the study of situations in which people act in ways that are not economically rational D) the study of how people make decisions at the margin   […]

External link to Question : 21) With perfect price discrimination, a monopoly can extract the : 1241246

Question : 21) With perfect price discrimination, a monopoly can extract the : 1241246

  21) With perfect price discrimination, a monopoly can extract the ________ price each customer is willing to pay and thereby obtain the entire ________ surplus. A) maximum; consumer B) minimum; producer C) maximum; producer D) minimum; consumer E) None of the above answers is correct.   22) When a firm is able to engage in perfect price discrimination, its marginal revenue curve A) lies […]

External link to Question : 28) What does the marginal rate of substitution measure? A) It : 1387724

Question : 28) What does the marginal rate of substitution measure? A) It : 1387724

    28) What does the marginal rate of substitution measure? A) It measures the rate at which a consumer must give up one good to purchase another good. B) It measures the rate at which a consumer will substitute one good for another when the price of one good changes. C) It measures the change in utility from consuming one additional unit of a […]

External link to Question : 16.5   Monopoly Regulation 1) ________ natural monopolies a commonly used, potential : 1226214

Question : 16.5   Monopoly Regulation 1) ________ natural monopolies a commonly used, potential : 1226214

  16.5   Monopoly Regulation   1) ________ natural monopolies is a commonly used, potential solution to the problems presented by natural monopolies. A) Breaking up firms that are B) Regulating C) Outlawing price discrimination by D) Refusing to grant patents to E) Giving incentives to firms to become 2) The social interest theory of regulation is defined as the A) use of regulations to maximize […]

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