Oligopoly firms:
a. usually act as if they were a monopoly producer
b. generally charge a price for goods and services equal to marginal cost.
c. base their pricing and output decisions on the likely responses of rival firms.
d. are isolated from competition by low barriers to entry.
c
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U-4, U-5 and U-6 are
A) all broader measures of the unemployment rate. B) all narrower measures of the unemployment rate. C) not used by the Bureau of Labor Statistics because they include too much variability. D) narrower measures of the labor force participation rate. E) broader measures of the labor force participation rate.
To achieve a $500 billion increase in AD, if the MPC is 0.8, what increase in government purchases would be called for?
a. $625 billion b. $500 billion c. $400 billion d. $100 billion
Which of the following would tend to increase the wage of coal miners?
a. new environmental laws that make it more costly for firms to use coal in their production process b. an increase in the price of oil, a substitute for coal c. a decrease in the demand for coal d. an increase in the supply of coal miners
If there is an adverse supply shock, then
a. unemployment rises and the short-run Phillips curve shifts right. b. unemployment rises and the short-run Phillips curve shifts left. c. unemployment falls and the short-run Phillips curve shifts right. d. unemployment falls and the short-run Phillips curve shifts left.