Which of the following is NOT a common characteristic of oligopoly?
A. marginal cost pricing.
B. barriers to entry
C. strategic dependence among firms in the industry
D. product differentiation
Answer: A
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Economists use models in order to
A. experiment with alternative circumstances. B. make educated guesses about real-life events. C. predict outcomes under various hypothetical conditions. D. increase understanding of how a relationship actually works. E. All of these responses are correct.
A consumer who buys any amount of a good will realize a positive consumer’s surplus from that good.
Answer the following statement true (T) or false (F)
The balancing of marginal costs and marginal benefits to obtain an efficient outcome is known as the equimarginal principle.
a. true b. false
The most numerous or plentiful firms in the United States are found in this form of business
A) partnership. B) proprietorship. C) monopoly. D) corporation.