Which of the following is most likely to be sold in an oligopoly market?
A) pizza
B) cell phone service
C) electricity
D) cotton
B
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In order to be useful as a signal in a market with information asymmetry, the signal must be ________
A) easily available B) inexpensive C) unique D) difficult to obtain
Creative destruction refers to
A) the destruction of the government system which limits economic growth. B) the movement from an agricultural society to a service economy. C) the mechanism for establishing property rights. D) the creation of new jobs and economic growth after destroying old jobs.
To maintain market power, firms will sometimes purchase their competitors.
Answer the following statement true (T) or false (F)
What is the "division of labor"? How is the division of labor related to production?
What will be an ideal response?