Which does NOT cause an industry that might otherwise be competitive to tend toward oligopoly?
A) economies of scale
B) barriers to entry
C) mergers
D) strategic independence
D
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Let S = y - (100 + 0.75y). Assume no government or foreign sectors. At the equilibrium level of income, y* = 400, the level of investment is
A) 0. B) 75. C) 300. D) 400.
Prices communicate information about relative availability of products. For example, a decrease in the price of corn signals to consumers and producers that: a. consumers are buying more corn than before
b. corn is relatively more abundant than before. c. corn is relatively less abundant than before. d. consumers are stocking up on corn because of the predictions of a cold winter.
An example of a variable cost to the firm is the
a. monthly rent it pays based on a multiple-year lease b. cost of shipping the goods it produces c. property taxes it pays d. interest payments on a bank loan e. entrepreneur's opportunity cost
When neo-Keynesians looked at 1970s–1980s inflation and unemployment data, they found
a. not a single Phillips curve, but a set of Phillips curves b. a relatively well-behaved downward-sloping Phillips curve c. a vertical Phillips curve, which helped to explain stagflation d. a Phillips curve that was very similar to the Phillips curve of the 1960s e. a Phillips curve that behaved like a Laffer curve