The U.S. oil industry has only a few firms in it, so an economists is likely to describe the industry as
A) a monopoly.
B) an oligopoly.
C) perfectly competitive.
D) monopolistically competitive.
E) Both answers C and D can be correct.
B
Economics
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The table above shows the short-run product schedule for Virginia's Tee-Shirts. What is the marginal product associated with the hiring the fifth worker?
A) 30 shirts B) 50 shirts C) 235 shirts D) 250 shirts
Economics
What is a cyclically adjusted budget deficit or surplus, and how is it used to determine whether discretionary fiscal policy is expansionary or contractionary?
What will be an ideal response?
Economics