Refer to Table 9-8. Suppose that the data in the table above reflect the price levels in the economy. What is the inflation rate in between 2015 and 2016?

What are the functions for MC and AC if TC = 100q + 100q2? Are the returns to scale increasing, decreasing, or constant?

What will be an ideal response?

In an oligopolistic market there is likely to be:

A. neither allocative nor productive efficiency. B. homogeneous but not differentiated products. C. little consideration of the actions of rival firms. D. price-taking behavior on the part of firms.