New technologies may reduce oligopoly power by
a. increasing the minimum efficient scale
b. raising barriers to entry
c. raising prices and lowering output
d. reducing barriers to entry
e. reducing the choices available to consumers in the market
D
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The above figure shows the U.S. market for 1 carat diamonds. With free trade, U.S. production of diamonds is equal to ________ diamonds. When the quota illustrated in the figure is in place, U.S. production is equal to ________ diamonds
A) 300,000; 100,000 B) 100,000; 500,000 C) 300,000; 500,000 D) 100,000; 300,000 E) 900,000; 700,000
The goal of "personalized pricing" is to determine how much each individual customer is willing to pay for a product. As such, it is an application of first-degree price discrimination
Indicate whether the statement is true or false
The homoskedastic normal regression assumptions are all of the following with the exception of:
A) the errors are homoskedastic. B) the errors are normally distributed. C) there are no outliers. D) there are at least 10 observations.
Which of the following is true of Simple Keynesian model? a. Price level increases with an increase in aggregate demand
b. The aggregate supply curve is assumed to be perfectly inelastic. c. The aggregate demand curve is assumed to be perfectly elastic. d. Price level is solely determined by the aggregate demand curve. e. Changes in aggregate demand determines equilibrium real GDP.