One of the characteristics of an oligopoly is
A) many sellers.
B) easy entry.
C) interdependence in decision making.
D) the use of patents to protect market share.
C
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The growth rate of per capita real Gross Domestic Product (GDP) is a reasonable measure of
A) the amount of money each person has. B) productive activity. C) personal well-being. D) quality of life.
The four firm concentration ratio in an industry with ten equally sixed firms is 40%
a. True b. False Indicate whether the statement is true or false
If an increase in the growth rate of AD leads to an increase in real GDP in the short run: a. the increase in AD was correctly anticipated
b. the increase in AD was greater than anticipated. c. the increase in AD was less than anticipated. d. the increase in AD could have been any of the above.
Suppose a perfectly competitive firm faces the following short-run cost and revenue conditions: ATC = $6.00; AVC = $4.00; MC = $3.50; MR = $3.50. The firm should
A. increase output. B. remain at the same position. C. increase price. D. shut down.