In which market structure is there the greatest degree of mutual dependence between firm in choosing their price and output policies?
a. perfect competition
b. monopolistic competition.
c. oligopoly.
d. monopoly.
c
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The political debate over joining NAFTA was especially contentious in the United States because Mexico's standard of living (including wage rates, labor standards, and environmental standards) is low relative to the U.S. standard of living
Indicate whether the statement is true or false
The adding up of individual economic variables to obtain economy wide totals is called:
A. monetary policy. B. aggregation. C. normative analysis. D. average labor productivity.
Increased trade restrictions
A. Reduce total consumption possibilities. B. Alter a nation's production possibilities. C. Have a neutral impact since the losses cancel out the benefits. D. Increase a trade deficit in the short run.
A vertical aggregate supply curve was postulated by the classical economists because they believed that
A. the economy almost always had a large quantity of unemployed resources. B. the economy could come to equilibrium at any level of output, not necessarily that level required to fully employ society's resources. C. the economy naturally tended toward that level of output which would fully employ all resources. D. it would be possible to increase output without driving up prices by putting unemployed resources to work.