An oligopoly is characterized by
a. few firms, which have control over market price
b. many firms and some barriers to entry
c. a large number of firms and no barriers to entry
d. a single firm and no barriers to entry
e. a single firm and significant barriers to entry
A
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The fact that the production function relating output to capital becomes flatter as we move from left to right means that
A) the marginal product of labor is positive. B) the marginal product of capital is positive. C) there is diminishing marginal productivity of labor. D) there is diminishing marginal productivity of capital.
Which principle states that as the production of one good expands, the opportunity cost of producing another unit of this good generally increases?
a. Principle of total cost b. Principle of increasing cost c. Principle of opportunity cost d. Principle of increasing marginal utility
Suppose that technological advancements stimulate $20 billion in additional investment spending. If the MPC = .6, how much will the change in investment increase aggregate demand?
A. $12 billion B. $20 billion C. $50 billion D. $33.3 billion
Empirically, women who are married to a spouse who has access to health insurance earn higher wages and are less likely to be offered employer-sponsored health insurance than are married women whose spouse does not have access to health insurance. This pattern
A. supports the theory of compensating differentials as it indicates there is a trade-off between wages and benefits. B. supports the theory of compensating differentials as it indicates there is no trade-off between wages and benefits. C. fails to provide support for the theory of compensating differentials. D. contradicts the result that the hedonic wage function is upward sloping. E. is unexpected as wages should be unrelated to fringe benefits.