An oligopoly is a market structure in which a few large firms dominate the sale of a single product
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
The long-run average annual growth of real GDP per person is the United States is approximately ________ percent.
A. one B. seven C. five D. two
What is a problem with barter that makes it so difficult to use?
A) Individuals have to produce something to trade with. B) Barter omits the store of value role for money. C) Barter requires use of only fiat money. D) Barter requires a double coincidence of wants. E) Barter is very efficient but illegal because it avoids taxation.
Some colleges charge all students the same fee for a weekly dining services meal plan. Suppose that students differ by how much food they consume each week. For example, members of the women's swimming team consume, on average, twice as much food as the average female college student, and the average male college student consumes 20 percent more food than the average female college student. The
dining services fee is most like a(n) a. excise tax that conforms to the benefits principle. b. excise tax that violates the benefits principle. c. lump-sum tax that conforms to the benefits principle. d. lump-sum tax that violates the benefits principle.
Economists use the percentage change in quantity rather than the absolute change in quantity because:
A. the measured elasticity is the same regardless of the unit of measurement for quantity. B. absolute changes are confusing to convert. C. absolute changes often result in negative numbers. D. percentage changes are easier to calculate than absolute changes.