Which of the following elements is typical in oligopoly?
a. low economies of scale
b. high start-up costs
c. many small sellers
d. low concentration ratios
b. high start-up costs
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What are some of the reasons used to explain improvements in health, education, democracy, and political stability in many low-income countries?
What will be an ideal response?
Any event that decreases the value of the marginal product of labor will:
A. decrease labor demand. B. decrease labor supply. C. increase labor demand. D. increase labor supply.
The expenditure multiplier only considers the impact of consumption changes on aggregate expenditures
a. True b. False Indicate whether the statement is true or false
As shown in Exhibit 3, what is the total welfare from imports experienced by consumers and producers after free trade is allowed?
a. d
b. b + d
c. a + b + d
d. a + b + c + d