The value of the US dollar declined during the OPEC oil crisis in 1971 when the price of oil _____.

A company purchases a widget for $10 on June 1. They purchase a second widget for $20 on July 15. On August 1, they sell one widget for $50. What is their gross profit if they use FIFO?

A. $40 B. $50 C. $30 D. $35

Notions Corporation holds a dominant position in the market because of its superior line of products. In fact, it now controls 90 percent of the product market within the relevant geographic market

Consumers are willing to pay more for Notions' products despite the fact that a few competitors offer similar products at substantially lower prices. If a competitor were to charge Notions with being a monopolist under Section 2 of the Sherman Act, which of the following statements is true? A) The competitor's case would fail because a monopoly is defined as a firm having no competition. B) The competitor's case would fail unless it could show intent on the part of Notions to monopolize the market. C) The competitor's case would succeed because Notions controls 90 percent of the product market within the relevant geographic market. D) The competitor's case would succeed because Notions has attained both market power and overwhelming market share.