There are multiple models of pricing behavior in oligopolistic markets because
a. it is difficult to predict how rival firms will react to any pricing decision
b. the demand curve slopes upward for these firms
c. firms could earn profit in the long run unlike other markets
d. price has a direct impact on profit for a firm in oligopoly
e. the products are not identical in terms of quality, image, location
A
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Since 1948, the labor force participation rate for adult men has ________ and for adult women has ________
A) increased; decreased B) decreased; decreased C) increased; increased D) decreased; increased
If a country's currency has a market driven value that is higher than economic theory would suggest, the currency is considered to be
A) overvalued. B) undervalued. C) overestimated. D) in arbitrage.
A household survey is used to calculate
A) the unemployment rate. B) the level of payroll employment. C) both the unemployment rate and the level of payroll employment. D) neither the unemployment rate nor the level of payroll employment.
Suppose equilibrium real GDP is currently at $800 billion and investment is $100 billion. If an increase in the interest rate reduces investment from $100 billion to $75 billion, and the MPC is 0.8, the new level of equilibrium real GDP will be:
a. $500 billion. b. $600 billion. c. $675 billion. d. $775 billion. e. $800 billion.