Under oligopoly, there are
A. so many firms that no one can control the price.
B. low barriers to entry.
C. identical products.
D. high barriers to entry.
Answer: D
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The quantity of labor demanded by the firm is such that the
A) wage rate equals the marginal cost. B) wage rate equals the value of marginal product of labor. C) wage rate equals the marginal product of labor. D) marginal revenue equals the marginal product.
If real GDP in a small country in 2015 is $8 billion and real GDP in the same country in 2016 is $8.3 billion, the growth rate of real GDP between 2015 and 2016
A) is 3.0%. B) is 3.6%. C) is 3.75%. D) cannot be determined from the information given.
The actual value of price elasticity of demand
A) measures the relative change in quantity demanded when there is a change in price. B) will change when the units good is measured in changes. C) varies with changes in supply. D) is always negative.
The rate of inflation over time records the absolute change in the average cost of purchasing a basket of goods and services
a. True b. False Indicate whether the statement is true or false