Oligopoly is a market structure in which
A) many firms each produce a slightly differentiated product.
B) one firm produces a unique product.
C) a small number of firms compete.
D) many firms produce an identical product.
E) the number of firms is so small that they do not compete with each other.
C
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A tax on wages will
a. reduce labor supply since leisure becomes cheaper. b. raise labor supply since income is reduced. c. have an unpredictable impact on labor supply since there are both substitution and income effects. d. have a predictable impact since economists know substitution effects will dominate.
Keisha can produce the following combinations of X and Y: 100X and 20Y, 50X and 30Y, or 0X and 40Y. The opportunity cost of one unit of Y for Keisha is
A) 5 units of X. B) 0.2 units of X. C) 3 units of X. D) 1/2 unit of X. E) none of the above
Legal entitlement to scientific discoveries, inventions, innovations and intellectual property
A) results in an equal distribution of income and profits. B) protects production on the basis of tradition, social customs and habits. C) encourages technological advancements. D) reduces the incentive to invest in research and development.
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.