Oligopoly arises with scale economies that are not large enough to cause a natural monopoly.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Larry consumes at a point on his budget line where his marginal rate of substitution is less than the magnitude of the slope of his budget line. As Larry moves toward his consumer equilibrium point, he will move to a
A) lower budget line. B) higher budget line. C) lower indifference curve. D) higher indifference curve.
Economists who are concerned with the effect of fiscal policy on the ability of households and firms to borrow to finance consumption will focus on ________, and economists who want to know whether the government's fiscal policy is sustainable will
focus on ________. A) yearly budget deficits; the federal debt B) the federal debt; yearly budget deficits C) yearly budget deficits; both the federal debt and yearly budget deficits D) the federal debt; both the federal debt and yearly budget deficits
If the price of a good decreases, the resulting increase in the quantity purchased decreases the marginal utility of the good
a. True b. False Indicate whether the statement is true or false
Microeconomics
a. addresses scarcity from a global perspective b. examines how individuals, households, and firms make economic decisions c. is purely theoretical and has little value in explaining real-world phenomena d. focuses on what is happening in the economy as a whole e. answers the fundamental economic questions of how, when, where, and why