Which oligopoly model results in firms successively undercutting their rivals' prices until the competitive outcome is reached?
a. The contestable market model.
b. The Cournot model of oligopoly.
c. The Bertrand model of oligopoly.
d. The monopolistic competition model.
c. The Bertrand model of oligopoly.
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As labor increases, there is a
A) shift of the aggregate production function, but no movement along it. B) movement along the aggregate production function, but no shift in it. C) movement along the aggregate production function and real GDP will increase less with each additional increase in labor. D) movement along the aggregate production function and real GDP will decrease less with each additional increase in labor.
Economists
a. believe that tastes are the major influence on consumers' income expectations b. have observed that tastes vary with changes in the number of consumers c. recognize that tastes have an important impact on demand d. can say a great deal about the origin of tastes e. suspect that tastes can cause a movement along the demand curve
A period of sustained decline in output in an economy is known as a(n) _____
a. expansion b. stagnation c. peak d. trough e. contraction
What is the amount of money a person has left of his or her income after taxes called?
(A) Disposable personal income (B) National income (C) Personal income (D) Aggregate income