A characteristic found only in oligopolies is
A) independence of firms. B) break-even level of profits.
C) products that are slightly different. D) interdependence of firms.
D
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A problem with the use of aggregate demand management to stabilize the business cycle is that
A) monetary policy isn't available to use when interest rates are already rising because of higher inflation. B) fiscal policy takes a long time to have any impact on the economy. C) monetary policy is difficult to use, because the decision-making process is long and complicated. D) the precise amount that output will change in response to monetary or fiscal policy isn't known.
Human capital is
A. the investment people make in industries that make capital goods. B. the saving done by human beings. C. the knowledge and skills that people in the work force acquire through education and training. D. a measure of the labor productivity of workers.
Suppose duopolists face the market inverse demand curve P = 100 - Q, Q = q1 + q2, and both firms have a constant marginal cost of 10
If firm 1 is a Stackelberg leader and firm 2's best response function is q2 = (100 – q1)/2, at the Nash-Stackelberg equilibrium firm 1's output is A) 30. B) 40. C) 60. D) 70.
The long-run market supply curve for an increasing-cost, perfectly competitive industry
a. is horizontal b. slopes upward c. is the portion of its marginal cost curve above the minimum point on its average variable cost curve d. is the portion of its marginal cost curve above the minimum point on its average total cost curve e. is vertical