In markets characterized by oligopoly,
A. entry into the market is restricted so that profit may be positive in the long run.
B. a large number of relatively large firms sell a differentiated product.
C. mutual interdependence of firms means that actions of any one firm in the market will have no effect on the sales of all other firms in the market.
D. a small number of relatively small firms sell a standardized product.
Answer: A
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Which of the following statements is true of a barter system? a. In a barter system, it is difficult to keep track of the relative values of goods and services. b. In a barter system, an individual offers money to import goods and services
c. In a barter system, an individual offers currency notes to get coins. d. In a barter system, different kinds of money are exchanged for one another. e. In a barter system, individuals are self-sufficient.
If nominal GDP rises from $5 billion to $6 billion, when the GDP deflator goes from 100 to 130, real GDP a. rises
b. falls. c. stays the same. d. could either be rising or falling.
According to the classical model, which of the following would double if the quantity of money doubled?
a. prices but not nominal income b. nominal income but not prices c. both prices and nominal income d. neither prices nor nominal income
A speculative attack is the result of investors' expectations that the future value of a currency will decline.
Indicate whether the statement is true or false