Which of the following is a condition that helps enforce a cartel agreement?
A) a large number of firms
B) relatively differentiated products
C) easily observable prices
D) large variation in prices
C
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Firms in an oligopoly market tend to be ____ and have ____ barriers to entry
a. large (relative to the total market); high. b. large (relative to the total market); low. c. small (relative to the total market); high. d. small (relative to the total market); low.
Bill can cook dinner in 45 minutes and mow the lawn in 1.5 hours. Eileen can cook dinner in 1.5 hours and mow the lawn in 2 hours. Which of the following statements is correct?
a. Bill should specialize in both tasks. b. Bill should specialize in cooking dinner; Eileen should specialize in mowing the lawn. c. Bill should specialize in mowing the lawn; Eileen should specialize in cooking dinner. d. Eileen should specialize in both tasks. e. neither person should specialize.
The percentage change in the price level from one period to another is called
a. the growth rate. b. the inflation rate. c. the GDP deflator. d. the unemployment rate.
The aggregate demand curve shows the
A. amount of goods producers will produce as production costs fall. B. total amount of planned expenditures on goods and services at each possible price level. C. total amount of nominal goods that the participants in the economy want to purchase. D. total amount of real goods that foreigners want to purchase.