Prices in an oligopoly industry tend to be higher than in a competitive industry
Indicate whether the statement is true or false
T
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Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each. Process(smoke/day) A(4 tons/day) B(3 tons/day) C(2 tons/day) D(1 ton/day) E(0 tons/day) Cost to Firm X ($/day) $500$514$530$555$585 Cost to Firm Y ($/day) $400$420$445$480 $520Cost to Firm z ($/day) $300$325$360$400 $550The least costly way of lowering smoke emissions from 12 tons to 9 tons per day would be for:
A. Firm X to emit 1 ton, Firm Y to emit 4 tons and Firm Z to emit 4 tons. B. each firm to reduce emissions by 1 ton, emitting 3 tons each. C. Firm X to emit 2 tons, Firm Y to emit 3 tons and Firm Z to emit 4 tons. D. Firm X to emit 4 tons, Firm Y to emit 3 tons and Firm Z to emit 2 tons.
Product _______ may create _______ trade between countries, particularly in those with similar relative factor endowments.
A) homogeneity; the absence of B) differentiation; one-way C) differentiation; two-way D) liability; two-way
When the Fed adopts an expansionary monetary policy, _____
Fill in the blank(s) with the appropriate word(s).
Firms that expend resources for lobbying that could have been used for productive services are engaging in rent-seeking behavior.
Answer the following statement true (T) or false (F)