The most important factors of production are ?

A. Labor, land, and capital
B. Water, earth and knowledge
C. Money, stocks and bonds.
D. Management finance and marketing

The value of the marginal product of labor is ?

A. The price of the output times wage of labor
B. The price of the output times the marginal product of labor
C. None of these answers
D. The wage of labor times the quantity of labor

A decrease in the demand or fish ?

A. Decrease the value of the marginal product of fishermen reduces their wage, and reduces employment in the fishing industry
B. Increase the value of the marginal product of fishermen increase their wage, and increase employment in the fishing industry.
C. Decrease the value of the marginal product of fishermen, reduces their wage, and increases employment in the fishing industry
D. Increase the value of the marginal product of fishermen increase their wage and decreases employment in the fishing industry

An increase in the demand for apples will cause all but which of the following ?

A. A decrease in the number of apple pickers employed
B. An increase in the value of the marginal product of apple pickers
C. An increase in the price of apples
D. An increase in the wage of apple pickers

In which of the following circumstances would a cartel be most likely to work ?

A. The market for copper, where there are very few producers and the product is standardized.
B. The fast-food market where there are a large number of producers but the demand for fast food is inelastic
C. The coffee market where the product is standardized and there are a large number of coffee growers.
D. The automobile industry, where there are few producers but there is great product differentiation.

The kinked demand curve model of oligopoly assumes the elasticity of demand ?

A. In response to a price increase is less elastic than the elasticity of demand in response to a price decrease
B. Is perfectly elastic if price increases and perfectly inelastic if price decreases
C. Is constant regardless of whether price increase of decrease.
D. In response to a price increases is more elastic than the elasticity of demand in response to a price decrease

A market is defined as perfectly contestable if ?

A. Entry to it and exit from it are both costless
B. Entry to it and exit from it are both costly
C. Entry to it costless, but exit from it is costless
D. Entry to it is costly, but exit from it is costless

A firm in a monopolistically competitive industry ?

A. Sells a fixed amount of output regardless of price.
B. Must raise price to sell more output
C. Can sell an infinite amount of output at the market-determined price
D. Must lower price to sell more output.

Which of the following statements best describes the outcome under monopolistic competition ?

A. It is efficient because the right amount of output is produced, but not efficient in that the output produced is produced at a cost above minimum average total cost
B. It is efficient because entry is free and economic profits are eliminated in the long run.
C. It is not efficient because too little output is produced and the output that is produced is produced at a cost above minimum average total cost
D. It is not efficient because too little output is produced but is efficient in that the output produced is produced at minimum average total cost.

A form of industry structure characterized by a few firms, each large enough to influence market price is ?

A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly