"Intel Inside" accompanies virtually all IBM-compatible computers. Intel manufactures the Celeron and Pentium chips that are a key component of personal computers. Does Intel have a monopoly?
To be a monopoly, a firm must not only be the sole producer in the industry, but there must be no close substitutes for the product and no viable potential competitor. While Intel comes close to being the only chip maker, there may well be potential competitors. At least one other company is vying for the chip market, so Intel must innovate or lose its monopoly status. In any case, there is no overwhelming reason why Intel will ward off all future competitors.
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Macroeconomics, as opposed to microeconomics, includes the study of what determines the
A) wages paid to employees of Walmart. B) prices charged for automobiles produced by Tesla. C) exchange rates between the U.S. dollar and the currencies of Asian nations. D) quantity of iPhones produced by Apple.
The above table shows the total product schedule for the campus book store. When the book store is selling 60 books per hour it is certain that
A) marginal costs are increasing, but average variable costs are still decreasing. B) both marginal and average costs are decreasing. C) both marginal and average costs are increasing. D) hiring one more employee per hour will lead to fewer books being sold.