Oligopolists
A. are price takers.
B. rarely advertise.
C. must take rivals’ reactions into account.
D. offer homogeneous products.
Answer: C
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GDP consistently measures the output of goods and services in all countries.
Answer the following statement true (T) or false (F)
The market demand curve for coffee is the same as the
A) marginal social cost curve of coffee. B) marginal social benefit curve of coffee. C) opportunity cost curve of coffee. D) marginal social benefit curve minus the marginal social cost curve of coffee.
An example of a public good is national defense services
Indicate whether the statement is true or false
The difference between the pretax and posttax return to an economic activity is known as the
A) tax multiplier. B) net tax. C) tax burden. D) tax wedge.