The copper, aluminum, cement, and industrial alcohol industries are examples of:
A. interproduct competition.
B. homogeneous oligopoly.
C. monopolistic competition.
D. differentiated oligopoly.
Answer: B
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For a perfectly competitive firm
A) price is greater than marginal revenue. B) price equals marginal revenue. C) price is less than marginal revenue. D) there is no relationship between price and marginal revenue.
The U.S. real interest rate rises relative to Japan's. As a result,
A) the yen will depreciate and the dollar will appreciate. B) the yen will appreciate and the dollar will depreciate. C) both the dollar and the yen will depreciate. D) both the dollar and the yen will appreciate.
Which of the following statements is consistent with a decrease in supply?
A) Prices of raw material inputs have increased. B) There has been an advance in technology. C) Consumers' incomes have increased. D) The market price has decreased.
Which of the following statements is true about causes of business cycle fluctuations?
A. Economists all agree that supply shocks are the cause of most business cycle fluctuations. B. Economists all agree that productivity shocks are the cause of most business cycle changes. C. Economists all agree that monetary changes are primarily responsible for business cycle fluctuations. D. There are a wide range of theories as to the underlying causes of business cycle movements.