Which statement is true?
A. Most firms in the United States are oligopolies.
B. Oligopoly is illegal in the United States.
C. Product differentiation is the most important characteristic of oligopoly.
D. Big business or industry in the United States typically refers to oligopolies.
D. Big business or industry in the United States typically refers to oligopolies.
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GDP tends to rise and fall during economic fluctuations but other measures follow the same pattern. One of these measures is
A. the annual precipitation rate. B. the growth of the money supply. C. the inflation rate. D. the unemployment rate.
Family formation (marriage) has been significantly affected by economic circumstances
Indicate whether the statement is true or false
Which of these is the basis of international trade?
A. Absolute advantage B. Comparative advantage C. Both comparative advantage and absolute advantage D. Neither comparative advantage nor absolute advantage
Use the figure below to answer the following question.
What is the amount of deadweight loss after the government imposes the excise tax on the market?
A. $44 B. $8 C. $4 D. $36