Oligopolists have more control over prices than monopolistic competitors because
A. they can legally collude whereas monopolistic competitors may not.
B. their prices are always set by the government.
C. with fewer competitors, they are able to monitor and determine their own prices much easier.
D. since an oligopolist is the only competitor in the market, setting prices is no problem.
C. with fewer competitors, they are able to monitor and determine their own prices much easier.
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Suppose there are only two goods (Good A and Good B) and the average person buys 4 of Good A in a year and 3 of Good B. If, in the base year, the Price of Good A is $5 and the Price of Good B is $10, and in the next year the Price of Good A is $6 and the Price of Good B is $9, the price index in the second of the two years
A. is 101. B. is 51. C. is 100. D. is 102.
The income elasticity of demand for food is roughly 1. A consumer's monthly income is $2,000, of which 20% is spent on food. If the income of this consumer doubles, the amount she'll spend on food will be
A. $800 per month. B. $1,000 per month. C. $500 per month. D. $400 per month.
Economics
What will be an ideal response?
The distinction between saving and savings is that saving is ________, while savings is ________.
A. the flow of funds that is not consumed out of income; the plural of saving B. the flow of funds that someone invests in bank savings accounts; the stock of funds that represents the accumulated amount of net saving over time C. the flow of funds that is not consumed out of income; the stock of funds that is invested in bank savings accounts D. the flow of funds that is not consumed out of income; the stock of funds that represents the accumulated amount of net saving over time