The most common reason for the existence of oligopolies is
A) ease of entry.
B) economies of scale.
C) product homogeneity
D) advertising.
Answer: B
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The figure above shows the supply curve for soda. The market price is $1.00 per soda. The producer surplus from the 20,000th soda is
A) $0.00. B) $0.50. C) $1.00. D) more than $1.00. E) None of the above answers is correct.
Money market mutual funds invest in
A) residential mortgages. B) commercial real estate. C) long-term government securities. D) highly liquid assets.
If producers believe that the increase in their relative prices is large relative to the increase in the general price level, then the slope of the short-run aggregate supply curve will be
A) infinite. B) small. C) large. D) negative.
David and Christian Romer's estimate of monetary policy's current effectiveness lag, defined as the time necessary for a policy change to have one-half its ultimate effect on GDP, is approximately ________ months
A) 2 B) 6 C) 10 D) 19 E) 24