A natural monopoly is one that deliberately erects entry barriers
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose firms in Hong Kong can produce 40,000 plastic dolls or 80,000 squirt guns each week, while firms in Taiwan can produce 40,000 plastic dolls or 40,000 squirt guns each week. Therefore
A) People in Hong Kong sacrifice two dolls for every squirt gun produced. B) People in Taiwan sacrifice two dolls for every squirt gun produced. C) People in Hong Kong sacrifice 2 squirt guns for every doll produced. D) none of the above are true.
The owner of an Oakley store has a more__________ demand curve and the owner of a chicken farm has a more__________ demand curve
a. inelastic; inelastic b. elastic; inelastic c. inelastic; elastic d. elastic; elastic
An oligopolist who sets the price for the industry is a price leader
a. True b. False Indicate whether the statement is true or false
How do lags affect stabilization policy? Your answer should include three specific types of lags.
What will be an ideal response?