The analysis used for oligopolistic firms is similar to that used for monopolies in all of the following ways except
A. price is higher than the minimum of the ATC curve.
B. output is to the left of the minimum of the ATC curve.
C. the action of rival firms must continually be taken into account.
D. both types of firms have a higher price and a lower output than a perfect competitor.
C. the action of rival firms must continually be taken into account.
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Assume a bank has total deposits of $100,000 and $20,000 is set aside to meet reserve requirements of the Fed. Its required reserve ratio is:
a. $20,000 b. 20 percent. c. 0.2 percent. d. 1 percent.
This firm's its most efficient output level it would be
A. OJ.
B. OK.
C. OL.
D. OM.
What gives the monopolistically competitive firm some degree of monopoly power?
a. differentiated products b. identical products c. high long-run economic profits d. zero long-run economic profits
Households act as suppliers when they provide
a. goods and services to firms and governments b. resources to firms and governments c. tax payments to governments d. the demand for only what firms supply or make available e. money to firms in exchange for goods and services