Oligopoly firms are guaranteed economic profits in the long run
a. True
b. False
Indicate whether the statement is true or false
False
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A rise in price will always result in an increase in the total amount consumers spend on a product
a. True b. False Indicate whether the statement is true or false
The recession of 2007-2009 was the most severe economic downturn in the U.S. since the
a. 1930s. b. 1950s. c. 1970s. d. 1980s.
According to your authors, America's Great Depression of the 1930s was evidence of
A) an unstable free market system
B) rampant greed among entrepreneurs.
C) a cluster or accumulation of errors.
D) antagonistic interests among the propertied and nonpropertied classes.
E) all of the above.
Which of the following is definitely true if the economy is in macro equilibrium?
A. The price level is optimal, but the output level may not be B. The output level is optimal, but the price level may not be C. The price level and the output level are both optimal D. The price level and the output level may or may not be optimal.