After you graduate, you have decided to accept a position working at the Bureau of Labor Statistics for $45,000.00 a year. The two other offers you received were working for Wal-Mart for $38,000 and working for Ernst and Young consulting for $42,000
Of these two offers, you would have preferred the job at Ernst and Young. What is the opportunity cost of accepting the position at the Bureau of Labor Statistics? A) the $45,000 you are paid for working at the Bureau of Labor Statistics
B) the $42,000 you would have been paid working for Ernst and Young
C) the $38,000 you would have been paid working for Wal-Mart
D) the $42,000 you would have been paid working for Ernst and Young and the $38,000 you would have been paid working for Wal-Mart
B
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Product differentiation:
a. is carried out by both perfectly competitive and monopolistically competitive firms. b. is succesful if a firm faces a relatively inelastic demand curve. c. does not allow the firm to raise its price without losing all of its customers. d. cannot be accomplished through advertising or trivial product changes. e. if carried out successfully enables the firms to enjoy market power.
To move the allocation of resources closer to the social optimum, policymakers should typically try to induce firms in an oligopoly to
a. collude with each other. b. form various degrees of cartels. c. compete rather than cooperate with each other. d. cooperate rather than compete with each other.