Questions and answers by

Dontillia

Questions (1,014)

Initially, the total product curve is___________.
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Initially, the total product curve is
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Diminishing marginal returns __________.hold true when “capital is fixed” is a key assumption occur in the long run occur
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John’s Jelly Bean Jungle currently employs 10 workers and manufactures 100,000 pounds of jelly beans each year. The workers
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As the variable input of production is increased, __________.the total product will increase unless the marginal product is
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When you divide total product by the number of workers, the result is the __________ product.total average additional marginal
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The total units of output divided by the total units of labor is equal tothe average product the total product the marginal
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The total units of output divided by the total units of labor is equal to
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The additional output that is derived from hiring additional units of labor is known as________
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Which of the following statements is true about the average product?It cannot be represented graphically. It is not subject to
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Which of the following is one of the four competitive market structures?Economic trading Partial competition Monopoly Oligarchy
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Which of the following is a characteristic of an industry that is classified as a monopolistic competition?The product sold
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Which of the following industries is a real-world example of oligopolies?Commercial airlines Fast-food restaurants in a large
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Which of the following is an example of barriers to entry?Marginal costs Property tax relief granted by the government to
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Which of the following terms represents a market that has more than one firm?Monopolist firm A firm that possesses a legal
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Which of the following industries is a real-world example of monopolies?Commercial airline Agricultural vendor Fitness center in
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Which of the following is a characteristic of a monopolistic competition?Firms have no market power. There are relatively low
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Markets can vary widely based on key characteristics, such as __________.changes in individual tastes and preferences barriers
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Which of the following is a characteristic of a monopoly?Monopoly is not a market structure that is frequently observed in the
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Which of the following terms represents a market that has more than one firm?A firm that possesses a legal monopoly A firm that
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_____________likely has high barriers to entry.
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________ is/are most likely to be a monopoly.
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Which of the following is a characteristic of an oligopoly?Firms have no market power. A small number of firms control the
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Which of the following is a characteristic of a monopoly?Similar firms compete with each other to gain the most consumers. Cost
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Which of the following industries is a real-world example of oligopolies?The automotive industry Fast-food restaurants in a
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_________is/are the closest real-world example of a perfectly competitive industry.
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Which of the following is a characteristic of an industry that is classified as a monopolistic competition?There are no profits
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Which of the following is an obstacle to collusion among oligopolists?Prosperous economic conditions A small number of firms in
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A cartel maximizes combined economic profits. Which of the following is true?Each company has an incentive to cheat by reducing
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The Addyston Pipe and Steel case dealt with bid rigging, which is __________.allowable if it keeps the company in business
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The Addyston Pipe and Steel case dealt with bid rigging, which is __________.allowable if it keeps the company in business a
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Which one is an obstacle to collusion among oligopolists?A large number of companies. A small number of companies. Booming
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OPEC) is an intergovernmental organization which controls which of the following?The auto industry. The international banking
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A conglomerate merger occurs when __________.one firm is a producer of products, and the other firm is a producer of services
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An example of a horizontal merger would be a merger between major retailer and _____________________.A software development
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Increased market share, greater economies of scale, greater economies of scope and increased administrative efficiency are all
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Which of the following is true of the Herfindahl index?It measures the size of a market in terms of total dollar sales. It is
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The Federal Trade Commission (FTC) considers a Herfindahl index that is __________ to be representative of a moderately
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A low concentration occurs when ________________________________________.There are a few firms making a little of the output for
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Persons in a market who have no influence on the market price are called _________________.Price searchers. Price makers. Price
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Which two of the following best describe the markets in the U.S.?Monopolistic competition and oligopoly. Monopoly and oligopoly.
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The Addyston Pipe and Steel case dealt with bid rigging, which is __________.allowable if it keeps the company in business a
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Why do cartels often dissolve?
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Why do cartels often dissolve?Firms in a cartel face different costs than firms outside a cartel. Their members often find that
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When competing with rivals, oligopolists employ which of the following?Collusion because it legally increases market share.
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Which of the following causes a kinked demand curve?The oligopolist believes that competitors will match price cuts, but not
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In the United States, public policies towards natural monopoly consists of which of the following?No regulation of any monopoly.
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The Rule of Reason says that _____________________________.Only actions that encourage trade are illegal. There are no illegal
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Agreements among firms at the same stage of the supply chain that negatively affect the competitive environment of the market
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The four basic market models include which of the following?Monopolistic competition Perfect competition Oligopoly All of the
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________________________ characteristics are: 1) a small number of firms that dominate the market; 2) products can be homogenous
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Which of the following industries is an example of an oligopoly in the United States economy?Airlines Locally owned restaurants
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What is a market that is characterized by many firms producing similar but differentiated products?Monopsony Monopolistic
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A conglomerate merger occurs when __________.one firm is a producer of products, and the other firm is a producer of services
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Assume that six firms comprising an industry have market shares of 30%, 30%, 10%, 10%, 10%, and 10%. The Herfindahl index for
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Which of the following is true of concentration ratios?They may overstate the degree of competition because they ignore imported
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In the prisoner’s dilemma game, which of the following is true?There is no dominant strategy for either player. Both players
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In a game, a dominant strategy occurs when _________________________________.Every player is influenced by the choices of the
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The question facing policy makers is how to balance the production of the things that society __________, with the reduction of
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Pigovian taxes are designed to do which of the following?Reduce the socially optimal level of production Punish firms for
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Pigouvian subsidies __________________________________________.Resolve the economic problem created by a positive externality.
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Pigovian taxes are intended to reduce ____________________________________.Emission subsidies. Government interference. External
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In the Pigouvian approach, the marginal external costs of producing a good equal _________________.The additional external cost
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Marginal social benefits of pollution can be thought of as __________.the marginal benefit of increased taxation the avoidance
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Negative externalities result in the __________ of goods, whereas positive externalities result in the __________ of the goods.d
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A Pigovian subsidy __________.ensures that external costs are minimized is set equal to the marginal external benefit of an
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The purpose of a Pigovian tax is to create the efficient level of production and consumption of __________.a private good when
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When the federal government specifies the minimum level of fuel efficiency for internal combustion engines in automobiles, it is
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When looking at the socially optimal quantity of pollution, the maximum benefit would be represented by the total area under the
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A Pigovian subsidy __________.exists when marginal social benefits exceed marginal social costs encourages activities that
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Pigouvian taxes ___________________________________________.Result in the increase in the production and consumption of a
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A Pigovian subsidy __________.ensures that external costs are minimized exists when marginal social benefits exceed marginal
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The purpose of a Pigouvian tax is to create the efficient level of production and consumption of ____________________________.A
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The question facing policy makers is how to balance the production of the things that society __________, with the reduction of
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The purpose of a Pigovian tax is to create the efficient level of production and consumption of __________.a public good when
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Marginal social benefits of pollution can be thought of as __________.nothing because there are no benefits to pollution the
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A law that requires an automobile to have a catalytic converter is an example of __________.the internalization of an
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Assume that the federal government establishes a regulation that sets a limit on the noise from jet airplane engines. This is an
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Which of the following government agencies implements emissions policies?Environmental Protection Agency (EPA) Central
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An example of a negative externality that is created by firms in a competitive market could be __________.Poverty. Environmental
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Which one is an example of an industrial policy?A Pigouvian tax. Government interference. A Pigouvian subsidy. Tradable
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The purpose of a Pigovian tax is to create the efficient level of production and consumption of __________.a private good when
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Negative externalities result in the __________ of goods, whereas positive externalities result in the __________ of the goods.o
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When a company re-uses waste materials to produce a new product, this is considered __________.the Coase theorem recycling a
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When external benefits and costs are internalized through policy, __________.the market will not reach equilibrium the
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The optimal level of pollution is achieved when __________.pollution does not exist the marginal benefit of controlling
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The optimal level of pollution is achieved when ________________________.The marginal benefit of controlling pollution is
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Due to the free-rider problem, the demand for a public good _____________________________.Is not expressed and not produced in
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How are public goods are different from common resources?Both are non-excludable. Public goods are rival in consumption. Common
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Which of the following is an externality ?Something that occurs in the great outdoors. A by-product where the market does
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A series of wind turbines are being constructed by the local electric company near the beach on Cape Cod. The Coase Theorem says
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The overgrazing of Texas Longhorn steers on public range land exemplifies which of the following?Lax government regulators. Free
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Suppose that the level of sewage is flowing into Lake Michigan is specified by the federal government. Assume that the cities
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Suppose that the level of sewage is flowing into Lake Michigan is specified by the federal government. Assume that the cities
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If a supply curve shifts to the left, that could be caused by which of the following?A decrease in the number of sellers
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The non-price determinants of supply include which of the following?Consumer income. Production costs, input prices, government
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Basic factors of production in the economy include which of the following?Flour, eggs, and sugar. Telephones and computers.
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If the world price of wheat increases due to bad weather in Europe, Russia and South America, __________.Corn farmers in the US
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If mozzarella cheese used on pizzas decreases in price because of a technological improvement in cheese production, there would
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Which of the following does NOT shift the supply curve?A change in technology. A change in consumer expectations. A change in
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