Which of the following factors tends to foster the development of an oligopoly?
A. Economies of scale
B. Foreign competition
C. Antitrust legislation
D. Low barriers to entry
A. Economies of scale
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Refer to Scenario 12.2. Explain why the situation described in the scenario is neither a prisoner's dilemma nor a battle of the sexes
What will be an ideal response?
Refer to Scenario 21-1. Based on the information above, what is the level of private saving in the economy?
A) $3 trillion B) $4 trillion C) $5 trillion D) $8 trillion
When President Harry Truman said that he wanted to find a one-armed economist because his economic advisors always said, "On the one hand... and on the other hand... " he recognized that the advice of economists is often open to more than one interpretation. Why is this? a. Economists cannot make up their minds on policy matters
b. Economists agree with each other on all policy issues. c. Economists are aware that tradeoffs are involved in most policy questions. d. Economists are often unable to identify the critical questions involved in policy issues.
Which of the following would not shift a market labor supply curve to the left?
a. an increase in the wage paid to workers in a competing market b. labor-saving technology c. a change in worker tastes so that workers want to retire earlier d. an increase in immigration