What is an oligopoly? Give two examples of oligopolistic industries in the United States
What will be an ideal response?
Oligopoly is a market structure in which a small number of interdependent firms compete. Examples include cigarettes, beer, the airline industry, computer manufacturers, and the aluminum can industry.
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Decisions regarding purchases and sales of government securities by the Fed are made by the:
a. Federal Funds Committee. b. Discount Committee. c. Federal Open Market Committee. d. FDIC.
A demand curve shows the relationship between
a. price and quantity demanded b. the demand and supply schedules c. demand and supply equilibrium d. leakages and injections e. price and technology
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one TV?
A. 1/3 radio B. 12 radios C. 3 radios D. 1/5 radio
If product Y is an inferior good, an increase in consumer incomes will:
a. Not affect the sales of product Y b. Shift the demand curve for product Y to the left c. Result in a surplus of product Y d. Shift the demand curve for product Y to the right