The cost disease of the service sector is evidenced by
A. a failure of the market mechanism.
B. increased quality of public and private services.
C. dramatic increases in municipal budget burdens for education, health care, and police and fire protection.
D. the increased productivity in the services area.
Answer: C
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The Board of Governors has
A) seven members appointed to 14-year terms. B) 14 members appointed to 10-year terms. C) four members appointed to seven-year terms. D) 14 members appointed to four-year terms. E) seven members appointed for life.
Which of the following will lead to an oligopoly?
a. If the quantity demanded in the market for cell phones is equal to the quantity produced by the largest firm at the minimum point of its long-run average total cost curve b. If the quantity demanded in the market for oil tankers is three times the quantity produced by the largest firm at the minimum point of its long-run average total cost curve c. If the quantity demanded in the market for oil tankers is thirty times the quantity produced by the largest firm at the minimum point of its long-run average total cost curve d. If the quantity demanded in the market for oil tankers is half the quantity produced by the largest firm at the minimum point of its long-run average total cost curve