An oligopoly is a market situation in which
A) there are many firms producing differentiated products.
B) there is a single firm producing several varieties of a product.
C) all the sellers act independently of the others.
D) there are very few sellers and they recognize their strategic dependence on one another.
D
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Suppose nominal GDP is $14 trillion and the money supply is $2 trillion. What is the velocity of money?
A) 0.143 B) 7 C) 12 D) 28
Unlike a perfectly competitive firm, a monopolist
a. can choose how much output to produce. b. cannot increase production without affecting the price she receives for her good. c. usually sells in a market with a downward-sloping demand curve. d. has an MR from increasing output by one unit equal to the price of his product.
Briefly and concisely define the following terms:
a. fiscal federalism b. horizontal equity c. vertical equity d. benefits principle of taxation
_________ are three broad spending categories of personal consumption when comes to the household
a) Durable goods firm services b) Durable goods non durable goods services