One could argue that price competition among oligopolistic firms is highly likely to cause the revenues of individual firms to decline, while competition on the basis of product differentiation could cause demand, and total revenues, of individual
firms to increase. Indicate whether the statement is true or false
TRUE
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Using the government as a means of redistribution generates equity at the cost of efficiency, in part because
A) the process of redistribution uses up some of society's resources. B) the process of redistribution creates new resources for society. C) redistribution creates new incentives to work for both rich and poor. D) redistribution would not take place otherwise.
The New York Stock Exchange handles only about 10 percent of all stock market transactions in the United States.
Answer the following statement true (T) or false (F)
The exchange rate is the
A. Amount of currency that can be purchased with one ounce of gold. B. Balance-of-trade ratio of one country to another. C. Opportunity cost at which goods are produced domestically. D. Price of one country's currency expressed in terms of another country's currency.
If an airline overbooks it pays people who volunteer to leave the overbooked flight. This system is better than drawing randomly from a hat the people who should miss the flight because
A. it is quicker and helps keep the flight on schedule. B. it gives everyone a chance to get money they hadn't counted on. C. those with the least to lose are the ones who miss the flight. D. it is the most equitable way of solving the situation.