Product variety and innovation are ________ associated with the oligopoly model.
A. rarely
B. never
C. only
D. benefits
Answer: D
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A virtuous cycle occurs
A) when a firm can attract enough buyers initially to increase a product's usefulness to attract even more buyers. B) when lobbyists petition members of Congress to grant a public franchise; the lobbyist then raise money for those Congress members who granted the franchise. C) when monopoly profits are used to create new products for additional monopoly profits. D) when a firm's sales volume reaches a level where the firm can take advantage of economies of scale; thereby reducing the price of the product to further boost its sales.
In a negative income tax program,
a. the government guarantees a minimum level of family income b. a family must pay income taxes on its welfare check c. a family receives a fixed amount of money from the government and its members can keep all income earned through work d. the government reduces the welfare payment by any income earned through work e. a family's income is lower if its members work
Rent control leads to quantity supplied being ________ quantity demanded.
A. equal to B. greater than C. less than D. Either equal to or greater than is correct.
The production possibilities frontier for a country is usually drawn
A. as a straight line, sloping downward. B. as a straight line, sloping upward. C. bowed outward from the origin. D. bowed inward toward the origin. E. as a dotted line when sloping downward and as a full line when sloping upward.