________ is an industry market structure with a small number of firms each large enough to impact the market price of its output.
A. An oligopoly
B. Perfect competition
C. A monopoly
D. Monopolistic competition
Answer: A
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What are the various sources of revenue and expenditure for a commercial bank?
Total cost is:
A. the sum of fixed cost and average variable cost. B. the sum of variable costs and fixed costs. C. average variable cost times quantity. D. the sum of average fixed cost and marginal cost.
The rational expectations hypothesis suggests that
A) people are creatures of habit and tend not to change their economic behavior in the short run. B) people are rational if they make forecasts about economic activity. C) people use all available information to make forecasts about future economic activity and adjust their behavior to these forecasts. D) people use all available information to make forecasts about future economic activity but often fail to adjust their behavior to these forecasts.
When the price of desks increases, the:
A. quantity supplied decreases. B. quantity supplied increases. C. supply decreases. D. supply increases.