Which of the following is a defining characteristic of oligopoly?
A) barriers to entry
B) selling a homogeneous good
C) selling a differentiated good
D) collusion
A
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The classical model predicts that, in the short-run, a tax cut financed by an increase in the money supply would
a. leave output and the price level unchanged. b. increase the price level but leave output unchanged. c. increase output but and reduce the price level. d. increase output and the price level by increasing aggregate demand. e. None of the above.
There is substantial evidence that people base their consumption decisions more on their current income than on the average income they expect to receive over a long period of time
a. True b. False Indicate whether the statement is true or false
The GDP deflator: a. takes government purchases into account, unlike the CPI
b. takes business investment purchases into account, unlike the CPI. c. is generally used to adjust nominal GDP to calculate real GDP. d. All of the above are true.
The figure below illustrates a tariff. On the graph, Q represents quantity and P represents price.
Figure 17-11
Refer to Figure 17-11. The tariff
a.
decreases producer surplus by the area C and decreases consumer surplus by the area C + D + E + F.
b.
decreases producer surplus by the area C + D and decreases consumer surplus by the area D + E + F.
c.
increases producer surplus by the area C and decreases consumer surplus by the area C + D + E + F.
d.
increases producer surplus by the area B + C and decrease consumer surplus by the area D + E + F.