Oligopoly is a market structure in which
a. there are only two sellers.
b. there are relatively few producers.
c. no firm can influence price.
d. there are many producers.
b. there are relatively few producers.
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The movement to set up a central bank in the United States was spurred by the financial panic that occurred in
A) 1816. B) 1907. C) 1929. D) 1987.
Firms in a monopolistically competitive market face ________ demand curves and earn ________ economic profits in the long run
A) downward sloping; zero B) downward sloping; positive C) horizontal; zero D) horizontal; negative
The price elasticity of demand measure is generally stated as an absolute value
a. True b. False Indicate whether the statement is true or false
Economic theory states that the optimal depletion rate will
a. Imply the extraction of all of a resource now as long as interest rates are positive b. Increase as the discount rate is raised c. Decrease as the discount rate is raised d. Always ignore benefits to future generations e. Always create excessive pollution