The characteristic most closely associated with oligopoly is:
A. Easy entry into the industry
B. A few large producers
C. Product standardization
D. No control over price
B. A few large producers
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If the United States government lowers the income taxes on the wealthiest Americans, while decreasing welfare payments to the poorest Americans, the result will likely be an _____ in efficiency and a ________ in equality in the United States.
Fill in the blank(s) with the appropriate word(s).
Las Vegas Sands Corporation is trying to acquire 50 acres of land to build a casino resort in Pennsylvania. There are 60 houses on the land the company needs
Explain how eminent domain could be beneficial in the process of acquiring this land in terms of transactions costs and the holdout problem.
Tariff levels in developing countries tend to be ________ tariff levels in developed countries
A) lower than B) about equal to C) higher than D) there is no general pattern
Assume Bryce's budget constraint is represented by line C in the graph shown. Which of the following would cause Bryce's budget constraint to shift to A?
A. Bryce's income increased.
B. Bryce's income decreased.
C. Bryce's preferences for books and movies decreased.
D. Bryce's preferences for books and movies increased.