A defining characteristic of an oligopoly is:
A. barriers to entry prevent newcomers to such an industry.
B. firms in the industry know they are competing with a few large firms with market power.
C. easy entry and exit prevent long-run profits from being possible.
D. all firms sell a standardized product.
B. firms in the industry know they are competing with a few large firms with market power.
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In 2011, U.S. GDP totaled approximately:
a. $2.1 trillion b. $2.8 trillion c. $10.7 trillion d. $15.0 trillion
What is the difference between basic research and applied research? Provide one example of each.
What will be an ideal response?
According to international trade theory
A) trade is based on absolute advantage. B) comparative advantage is based on absolute advantage. C) every country has a comparative advantage in something. D) less developed countries cannot trade successfully with developed countries.
During recessions, the unemployment rate ________ and output ________.
A. rises; rises B. falls; falls C. rises; falls D. falls; rises