Which would best describe an oligopolized industry?
A. An industry dominated by two or three large firms
B. An industry dominated by one large firm
C. An industry with a very low concentration ratio
D. An industry with many firms
A. An industry dominated by two or three large firms
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Economists refer to the inputs that firms use to produce goods and services as
a. derived factors. b. derived resources. c. factors of production. d. instruments of revenue.
An equilibrium point beyond a potential GDP is termed as
A. deflationary gap. B. recessionary gap. C. inflationary gap. D. acceleration gap.
Exhibit 1A-1 Straight line
As shown in Exhibit 1A-1, the slope of straight line AB:
A. decreases with increases in X. B. increases with increases in X. C. increases with decreases in X. D. remains constant with changes in X.
Refer to the diagram. Economies of scale:
A. are evident over the entire range of output.
B. develop over the 0Q 1 range of output.
C. begin at output Q 3 .
D. occur only over the Q 1 Q 3 range of output.