An oligopoly market consists of:
a. many firms which produce a standardized product.
b. at least five firms one of which dominates the market.
c. firms that make independent pricing and output decisions.
d. a group of firms that dominate the market.
e. firms which face perfectly elastic demand curves.
d
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According to John Maynard Keynes, an economist must possess a rare combination of skills including being a mathematician, historian, statesman, and philosopher
a. True b. False Indicate whether the statement is true or false
Two goods are complements when a decrease in the price of one good
a. decreases the quantity demanded of the other good. b. decreases the demand for the other good. c. increases the quantity demanded of the other good. d. increases the demand for the other good.
A firm has MR = $70 and MC = $20 + Q. Fixed costs are $175.
(a) If the firm is currently producing 30 units, what are its marginal cost and marginal revenue at the current output level? (b) Is the firm maximizing profits? If so, how can you tell? If not, what can the firm do to increase profits?
When the Fed buys bonds through open market operations, it gives banks money in return, which:
A. increases their ability to lend, and increases aggregate demand. B. decreases their ability to lend, and increases aggregate demand. C. increases their ability to lend, and decreases aggregate demand. D. decreases their ability to lend, and decreases aggregate demand.