_________ arises when a small number of large firms have all or most of the sales in an industry.
a. Perfect competition
b. Oligopoly
c. Monopolistic competition
d. Production efficiency
b. Oligopoly
Oligopoly arises when a small number of large firms have all or most of the sales in an industry.
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Expenditures for attending college can be viewed as an investment in human capital.
Answer the following statement true (T) or false (F)
Which of the following statements correctly describes a total product curve?
A) Points above the total produce curve are efficient. B) The curve shows that output always increases as labor employed increases. C) The curve separates attainable outputs from unattainable outputs. D) The curve shows minimum levels of output. E) The curve first falls, reaches a minimum, and then rises.
Over the period 1960-2010, the United States economy grew at roughly
A) 2.1 percent. B) 3 percent. C) 4 percent. D) one percent. E) 3.5 percent.
Some countries have inflation around or in excess of 8 percent. Suppose that the sacrifice ratio is 2.5 . What is the cost of reducing inflation from 8 percent to 2 percent? In your answer, define the sacrifice ratio and explain how you found the cost of inflation reduction