Which of the following is TRUE of an oligopoly?
A) They engage in nonprice competition.
B) They do not react to actions of their competitors.
C) Each firm produces a small portion of the total output.
D) Firms do not care what their competitors do.
Answer: A
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What is the marginal cost of producing the third unit?
a. 60 b. 70 c. 90 d. 110
The gains from trade are divided in proportion to the price changes that trade brings to the trading countries.
Answer the following statement true (T) or false (F)
Refer to the graph shown. In the graph, if the price level is P1 and the aggregate demand curve is AD0 then the economy is:
A. in an inflationary gap. B. in a recessionary gap. C. fully employed. D. in a long-run equilibrium.
Which of the following is not a basic decision that all nations must confront?
A. How should we produce goods and services? B. Should we have economic growth? C. For whom should goods and services be produced? D. What goods and services should we produce?