The market system is able to allocate resources efficiently because individuals have the right to the output they produce and _____
a. freedom of the press
b. freedom of speech
c. freedom of movement
d. freedom of exchange
d
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One key characteristic that is distinctive of an oligopoly market is that:
a. the demand curve facing each firm is downward sloping, with a marginal revenue curve that lies below the firm's demand curve. b. the decisions of one seller often influences the price of products, the output, and the profits of rival firms. c. there is only one firm that produces a product for which there are no good substitutes. d. there are many sellers in the market and each is small relative to the total market.
Explain how a change in the expected price level would shift the short-run and long-run aggregate-supply curves
TRUE
What will be an ideal response?
Consider each pair of strategies other than UP,RIGHT. Which of the following statements is not true about those pairs?
a. They are all Pareto Optimal. b. None of them are a Nash Equilibrium. c. The players would not mutually agree to play any of them if such an agreement were possible. d. Each requires that a player play a dominate strategy.