Oligopoly
a. is a market structure of many small firms
b. is the only seller of a good or service
c. is a market structure of a few consumers of a product
d. is a market structure of a few interdependent firms
e. is a more efficient market structure than perfect competition
D
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In the U.S. economy, which of the following statements is TRUE?
A) More goods are produced than services. B) More services are produced than goods. C) Production is divided evenly between goods and services. D) The economy is too complex to determine the proportion of production that is devoted to producing services.
Describe the situation of the Japanese economy in the 1990s. What should the Japanese government have done differently, according to critics, to improve the economy?
What will be an ideal response?
Assuming peaches are a normal good and consumer incomes rise, producer surplus in the peach market:
a. increases. b. decreases. c. remains unchanged. d. equals the deadweight loss increase.
If the wage rate is $5 per hour, regardless of how many laborers are employed, the
a. labor supply curve is horizontal b. labor supply curve is upward sloping c. MPP must be constant d. labor supply will increase at an increasing rate e. labor supply will increase at a decreasing rate