Which of the following is NOT a common characteristic of oligopoly?
A) strategic dependence among firms in the industry
B) product differentiation
C) barriers to entry
D) marginal cost pricing.
Answer: D
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A major difference between the transactions demand for money and the precautionary demand is that the
A) transactions demand is for emergencies while the precautionary demand is for every day expenditures. B) transactions demand involves expected expenditures while the precautionary demand involves unexpected expenditures. C) transactions demand means that people are foregoing interest but they are not foregoing interest in the precautionary demand. D) transactions demand leads to the purchase of assets while the precautionary demand does not.
If real GDP exceeds potential GDP, then employment is ________ full employment, and the unemployment rate is ________ the natural unemployment rate
A) equal to; below B) above; below C) equal to; equal to D) below; above E) above; above
The equilibrium wage and quantity of labor in the market for skilled workers is determined by
A) the demand and supply of labor. B) the strength of labor unions. C) the market value created by the output of these skilled workers. D) the monopsony power of firms.
As you move down the production possibility frontier, the absolute value of the marginal rate of transformation
A. increases. B. initially decreases, then increases. C. decreases. D. initially increases, then decreases.