An oligopoly is a market
A. with few buyers.
B. with one buyer.
C. dominated by a few sellers.
D. under the control of a few politically powerful individuals.
Answer: C
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Expenditure changes may be potentially inequitable, as are tax changes, because
A) their spatial distribution must be determined by the legislature. B) their spatial distribution must be determined by the Fed. C) the government is slow to implement new programs. D) unlike Japan, public works projects are the province of the executive branch.
Increased number of divorce couples and the rise of two income families causes the measured distribution of income to appear more equal
a. True b. False Indicate whether the statement is true or false
Majority rule will produce the outcome most preferred by the median voter
a. True b. False Indicate whether the statement is true or false