In an oligopoly market with a dominant firm and a competitive fringe, if market demand is _____, the market price will be low and the _____ profit will be small
a. less elastic; fringe's
b. less elastic; dominant firm's
c. more elastic; fringe's
d. more elastic; dominant firm's
D
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Table 7.1 exemplifies the principle of
A) diminishing returns. B) marginal costs. C) full employment equilibrium. D) real vs. nominal costs.
Suppose the economy is closed and consumption is 8 million, taxes are 2 million, and government purchases are 1.75 million. If national saving amounts to 1.25 million, then what is GDP?
a. 9 million. b. 9.5 million. c. 13 million. d. 11 million.
In the United States, the average person mostly patronizes firms that operate in
A) perfectly competitive markets. B) monopolistically competitive markets. C) oligopolies. D) monopolies.
Which of the following is the closest example of a perfectly competitive market?
A. gasoline stations B. beer C. soybeans D. fast foods