In a situation of mutual interdependence and identical products, managers of oligopolistic firms ________ attempt to differentiate their product to earn ________ economic profit.
A) should; positive
B) should not; positive
C) should; negative
D) should; zero
A) should; positive
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Referring to a production possibilities curve and the goods being compared, depict the economic event. The literacy rate increases among workers (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on the curve B. A movement from a point on the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)
which type of returns to specialization happen when additional units of resources are required to produce each additional unit
What will be an ideal response?
Comparative advantage means the ability to produce a good or service
A) at a lower selling price than any other producer. B) at a lower opportunity cost than any other producer. C) of a higher quality than any other producer. D) at a higher profit level than any other producer.
In ________ the United States Congress passed the Sherman Antitrust Act.
A. 1787 B. 1890 C. 1914 D. 1950