An oligopolistic industry is characterized by all of the following except
A) existence of entry barriers.
B) the possibility of reaping long-run economic profits.
C) firms pursuing aggressive business strategies, independent of rivals' strategies.
D) production of standardized or differentiated products.
Answer: C
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If the price of gold becomes less volatile, then, other things equal, the demand for stocks will ________ and the demand for antiques will ________
A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase
One of the benefits of specialization is
A) greater output. B) people enjoy doing one repetitive task over and over. C) specialists cost less to hire. D) training costs are higher.
The beauty of Nash's equilibrium concept is that
a. all games have one. b. all games have no more than one. c. all games have a rich set to choose from. d. it is a Pareto optimum.
The inflation determines more by:
a. demand-pull inflation forces. b. expected inflation forces.