Which of the following has not contributed to the development of oligopolies in the U.S. economy?
A. Mergers
B. Patents
C. Economies of scale
D. Inter industry competition
D. Inter industry competition
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Suppose country Alpha must give up 2 units of clothing for each unit of food produced, while country Omega must give up 1/2 of a unit of clothing for each unit of food produced. If specialization and trade were to occur between these two fictitious countries, which of the following would be consistent with comparative advantage and mutually advantageous trade?
a. Omega will sell food to Alpha at a price of 1 unit of clothing for 1/2 unit of food. b. Omega will sell food to Alpha at a price of 1 unit of clothing for each unit of food. c. Alpha will sell food to Omega at a price of 2 units of clothing for each unit of food. d. Alpha will sell food to Omega at a price of 1 unit of clothing for each unit of food.
For many years short wave radios were a way of getting news from faraway places and in difficult conditions. But as new technologies have spread, the people listening to these devices has decreased
(Source: The Economist, July 7, 2012) As new technology creates substitutes for short-wave radios, the demand for short-wave radios ________ and the consumer surplus from short-wave radios ________. A) increases; increases B) decreases; decreases C) does not change; decreases D) decreases; does not change
According to supply-siders
a. there exists a temporary tradeoff between higher inflation and higher output growth. b. there exists a permanent tradeoff between higher inflation and higher output growth. c. there exists no tradeoff between higher inflation and higher output growth. d. there exists a temporary tradeoff between higher inflation and higher output growth during periods of low inflation only.
The demand curve faced by a monopolistically competitive firm is
A) horizontal. B) vertical. C) downward sloping. D) upward sloping.