The number of firms in an oligopolistic industry
A. must be less than 20.
B. must be large enough for firms to be independent.
C. must be less than 10.
D. must be small enough that firms are interdependent.
Answer: D
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Full employment in the classical model is maintained by
A) flexible interest rates. B) flexible wage rates. C) flexible prices. D) flexible income.
If a market has more than one seller, but fewer sellers than under perfect competition, it is referred to as
a. a monopoly b. competitive c. imperfect competition d. an efficient market e. optimal
You can generally distinguish an aggregate supply-caused recession from an aggregate demand-caused recession because
A. real GDP will rise in an aggregate supply recession. B. the price level will fall in an aggregate supply recession. C. the price level will fall in an aggregate demand recession. D. real GDP will rise in an aggregate demand recession.
Mike and Tom debone chicken breasts for Ted's Chicken Co. Mike is new and can only debone 60 chicken breasts per hour, while Tom's experience allows him to debone 120 chicken breasts per hour. Both Mike and Tom work 40 hours per week. Their average hourly productivity as a team is ________ chicken breasts.
A. 90 B. 60 C. 100 D. 75