What is oligopoly? How does oligopoly differ from the other kinds of market structure?
What will be an ideal response?
Oligopoly is an industry characterized by a small number of firms. The firms are interdependent, and they recognize that they are interdependent. This leads to strategic dependence, which means that firms must recognize that their actions will affect the other firms, and they must take into account the actions of the other firms.
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Which of the following is NOT a part of the income approach to determining GDP?
A) rental income B) gross private domestic investment C) net interest D) indirect business taxes
An increase in spending that results from expansionary ________ policy causes the interest rate to ________, everything else held constant
A) fiscal; rise B) fiscal; fall C) incomes; rise D) incomes; fall
According to the U.S. Bureau of Labor Statistics, the term “employed” includes all full time workers and part-time workers.
Answer the following statement true (T) or false (F)
A profit-seeking firm will choose the combination of inputs that:
A. has the lowest average total cost. B. has the lowest average variable cost. C. maximizes profit. D. maximizes costs.