If a firm is an oligopolist, which is NOT true?
A. It is one of a relatively small number of firms dominating its industry.
B. It must pay attention to other firms' prices.
C. It can sell all the units it wants at the going market price.
D. It is engaged in a strategic game.
Answer: C
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In the former Soviet economy, the supreme planning board that transmitted economic decisions down to producing and consuming units was called the:
a. Soviet Ministry. b. Polit Bureau. c. Gosplan. d. Soviet Central Committee for Economic Planning.
The United States international investment position is negative
Indicate whether the statement is true or false
All of the following are characteristics of a perfectly competitive market EXCEPT
A. buyers and seller have equal access to information. B. high barriers to entry and exit. C. large number of buyers and sellers. D. homogeneous products.
What would happen in the market for knee replacement surgery if insurance companies started to cover a smaller portion of the cost of the surgery, and fewer doctors decide to enter the field of joint replacement surgery?
A) Demand will decrease, but this will not shift the supply curve. B) Supply will decrease, but this will not shift the demand curve. C) Demand and supply will both decrease. D) Demand will decrease and supply will increase.