Which of the following is a feature of an oligopoly market?
A) There is a large number of sellers in this market.
B) There are no barriers to entry in this market.
C) Each firm in this market earns zero economic profits.
D) Each firm's action affects the decisions of its rival.
D
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How do new Keynesians use menu costs to help explain price stickiness in the short run?
What will be an ideal response?
Aggregate demand decreases and real output falls but the price level remains the same. Which factor would most likely contribute to downward price inflexibility?
A. Menu costs. B. Lower interest rates. C. An increase in aggregate supply. D. The real-balances effect.
Which of the following is a non-price determinant of supply?
A. technological advances in production B. the number of consumers C. consumers' incomes D. the price of related goods consumers may buy
The official definition of poverty is
A) exactly the 12 percent of U.S. residents with the lowest incomes. B) exactly the 20 percent of U.S. residents with the lowest incomes. C) an absolute measure. D) a relative measure.