A typical firm in the US economy would he classified as
a. Perfectly competitive.
b. Imperfectly competitive.
c. A duopolist
d. An oligopolist
Answer: b. Imperfectly competitive.
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All else equal, two firms in a Chamberlin oligopoly will charge a ________ price than two firms in a Cournot oligopoly and earn ________ economic profit.
A) higher; less B) higher; more C) lower; more D) lower; less
Refer to the above figure. How do you describe what is happening as the economy moves from point A to point B?
A) The economy has acquired new resources that are well suited for producing wool. B) Land that was once used to grow wheat is now being used to graze sheep. C) The economy is producing more bread by choosing to produce less wool. D) The technology for growing wheat has improved.
The deteriorating-terms-of-trade-argument is based on an assumption that the value of ____ will fall over time
a. labor inputs b. capital inputs c. technology d. manufactured goods e. primary products
In communism, central planners decide which of the following?
a. what goods and services will be produced b. how much will be produced c. who will produce and consume the goods and services d. All of the above are correct.