Which of the following characteristics distinguishes oligopoly from other market structures?
a. Firms operating in an oligopoly are independent of each other.
b. Firms operating in an oligopoly are interdependent.
c. Oligopoly is the simplest of all the other market structures.
d. An oligopolist does not face a downward-sloping demand curve.
e. Entry into an oligopolistic market is easier than entry into a monopolistically competitive market.
b
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One topic that microeconomics explores is how prices are determined in individual markets, while macroeconomics is concerned with issues such as the economy's overall rate of inflation, economic growth and unemployment
a. True b. False Indicate whether the statement is true or false
The New York Stock Exchange handles only about 10 percent of all stock market transactions in the United States
a. True b. False Indicate whether the statement is true or false
An increase in the price a firm receives for its output will lead the firm to:
A. expand output. B. reduce output. C. leave output unchanged and earn smaller losses. D. leave output unchanged and earn greater profits.
When a tariff is applied to a good exported by a foreign monopoly (with no home producer), the increase in the equilibrium price is ________ the tariff applied.
a. more than b. less than c. the same as d. more than twice as much as