Which of the following is a similarity between an oligopoly and a monopoly?
a. Both oligopoly and monopoly have significant barriers to entry.
b. Both oligopoly and monopoly have differentiated products
c. Both oligopoly and monopoly are characterized by mutually interdependent decision making.
d. In both oligopoly and monopoly, the entire output is supplied by one dominant firm.
a
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If Happy Avocados, a ready-made guacamole manufacturer, contracts with an outside supplier to produce avocados, this is an example of ________.
A) outsourcing B) forward integration C) divestiture D) backward integration
People who stopped looking for work because they could not find jobs are called discouraged workers
Indicate whether the statement is true or false
Flat taxes are more equitable than graduated tax schedules.
A. True B. False C. Uncertain
Suppose that the demand for picture frames is highly inelastic, and the supply of picture frames is highly elastic. A tax of $1 per frame levied on picture frames will increase the price paid by buyers of picture frames by
a. less than $0.50. b. $0.50. c. between $0.50 and $1. d. $1.