Oligopoly and monopolistic competition can be described as industries where firms
a. have high barriers to entry
b. produce identical goods
c. are located near each other
d. produce close substitutes
e. aspire to become perfect competitors
D
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Since 1960, which of the following countries had average growth rates in real GDP per person higher than that of the United States?
A) Singapore B) Hong Kong C) South Korea D) All of the above answers are correct.
An increase in lifetime wealth
A) increase current labor supply and increase current consumption demand. B) increase current labor supply and decrease current consumption demand. C) decrease current labor supply and increase current consumption demand. D) decrease current labor supply and decrease current consumption demand.
If the great majority of shocks to our system arise from unpredictable shocks to money demand, the preferred tactic of monetary policy is targeting
a. reserves. b. interest rates. c. M2. d. reserves plus currency.
Refer to Figure e. Brandon and Allie want to go on a date one summer evening. Allie is a Red Sox fan, while Brandon is a Mets fan. Both teams are playing that evening, but not against each other. Each would rather watch their favorite team, but neither can force the other to watch a particular game, and each is willing to suffer through the other's game if it means time together. What is the Nash equilibrium?
A. Allie watches the Red Sox, and Brandon watches the Mets.
B. Allie and Brandon both watch the Red Sox.
C. Allie and Brandon both watch the Mets.
D. Allie and Brandon both watch the Red Sox or Allie and Brandon both watch the Mets.