Which one of the following industries is closest to perfect competition?
A. a. Aircrafts.
B. b. Cigarettes.
C. c. Rice.
D. d. Automobiles.
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To a monopolist, his supply curve
A. a. slopes upward.
B. b. is identical to his marginal cost curve.
C. c. is identical to his marginal revenue curve.
D. d. does not exist.
Assume that Frank has a demand curve for steaks given by Q = 10 – 0.4P, where Q and P stand for the quantity of steaks and the dollar price of steaks. If the price of steak is $5, Frank’s consumer surplus is
A. a. $40.
B. b. $80.
C. c. $120.
D. d. $160.
Which of the following is a characteristic of perfect competition?
A. a. A single seller.
B. b. A small number of buyers.
C. c. Buyers and sellers are price setters.
D. d. Buyers and sellers are price takers.
A decrease in the price of pizza will
A. a. decrease the quantity of pizza demanded.
B. b. increase the quantity of pizza demanded.
C. c. decrease the demand for pizza.
D. d. increase the demand for pizza.
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