a) What defines an oligopoly and how is it different from monopolistic competition?  Give at least two ways that they are different.   b) List five oligopolists whose products you own or regularly purchase.   c) Of the five you listed in part b),  choose one and explain how you are better or worse off than if the industry were monopolistically competitive instead?  

Suppose that a monopolistically competitive restaurant is currently selling 250 meals per day (the output where MR=MC).  At that output level, ATC per meal is $5 and consumers are willing to pay $8 per meal.  a) What is this firm’s profit or loss?  b) Will there be entry or exit into or out of the industry?  How do you know? c) What will happen to the restaurant market in the long run?  Hint:  you should be able to explain whether demand or supply shifts as a result.

The ___________________ Act is a federal policy that requires local police to detain those who have entered the US illegally and also have a criminal conviction until they can be picked up by an Immigration & Customs Enforcement officer.

Suppose that a pure monopolist can sell 15 units of output at $10 per unit and 16 units at $9.90 per unit. For the monopolist to profitably produce and sell the sixteenth unit of output, its marginal cost must be anywhere at or below  

Frito-Lay dominates the snack food business,  with half of all salty snack items.  Competitors say that Frito-Lay has secured its dominant position with shelf-space rentals in retail stores,  paying as much as $40,000 annually to secure prime shelf space in grocery and convenience stores.  “Frito can afford it, ” says a regional rep for a competing company,  “we can’t”. A.   Explain what type of market structure firms in the salty snack foods market operate under.  Why do you say that? B.  What are the costs faced by firms in salty snacks?  Please label whether these costs are fixed or variable,  implicit or explicit. C.   Why is there so much advertising in the salty snacks industry? Does advertise promote efficiency or inefficiency?  Explain

In this US Supreme Court case, the court ruled a police officer could stop and frisk someone who was reasonably suspected to be involved in possessing or selling illegal drugs.

An _________________ is a criminal sentence that contains a range with a minimum and a maximum, for instance three to five years in prison.

Match the terms associated with studying the Earth’s surface to its definition.

What is the procedure used by scientists to do their work?

The [1] begins with a [2] that must be testable. To find out what is already known about the topic, [3] is performed. Then, a plausible explanation called a [4] is formed. That is then tested using an [5]. Examining the data, a [6] is formed to determine whether the hypothesis was supported or not.