Oligopoly differs from monopolistic competition in that an oligopoly includes
A) product differentiation.
B) barriers to entry.
C) no barriers to entry.
D) downward-sloping demand curves facing the firm.
B
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In Macroland autonomous consumption equals 100, the marginal propensity to consume equals 0.75, net taxes are fixed at 40, investment is fixed at 50, government purchases are fixed at 150, and net exports are fixed at 20. The vertical intercept of the aggregate expenditures model line is
A. 290. B. 0.25. C. 0.75. D. 320.
In long-run equilibrium, a firm in monopolistic competition makes
A) an economic profit, but the economic profit is less than it would be if the firm was a monopoly. B) an economic profit that is higher than what it would be if the firm was a monopoly. C) zero economic profit. D) an economic profit that is the same amount as it would be if the firm was a monopoly. E) an economic profit, an economic loss, or zero economic profit.
Which of the following is a statement of positive economics?
a. The income tax reduces after-tax incomes of the rich b. A reduction in tax rates makes the after-tax distribution of income fairer. c. Tax rates ought to be reduced so that people will work more. d. All of the above are statements of positive economics.
Economist Steven Levitt argues the Supreme Court decision ________ had an impact on reducing crime during the 1990s because it is associated with "wantedness."
A. on gay marriage B. on school bussing C. on abortion D. on prayer in schools