If a firm functions in an oligopoly, it is:
A. one of a large number of firms that produce a good with no close substitute.
B. the only firm that produces a good with no close substitutes.
C. one of a large number of firms that produce goods that are either close or perfect substitutes.
D. one of a small number of firms that produce goods that are either close or perfect substitutes.
Answer: D
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According to the substitution effect along an indifference curve, when the relative price of a good falls, the consumer ________ substitutes ________ of that good for the other good
A) always; more B) always; less C) sometimes; more D) sometimes; less
In the long-run version of the aggregate demand and aggregate supply model, a shift in the aggregate demand curve:
A. can change the inflation rate as well as the real growth rate. B. can change the inflation rate, but not the real growth rate. C. can change the real growth rate, but not the inflation rate. D. can change neither the real growth rate nor the inflation rate.
In the above figure, what are the long-run equilibrium price level and real GDP?
A. 120 and $12 trillion B. 130 and $11.5 trillion C. 120 and $11.5 trillion D. 130 and $12 trillion
Which of the following is likely to cause a decrease in labor productivity?
a. An increase in student achievement scores b. A service sector that is growing slower than the growth rate of GDP c. An increased spending on research and development d. A decrease in capital formation e. A low federal budget deficit