In oligopoly, the actions of one firm have a perceptible effect on the other firms.
Answer the following statement true (T) or false (F)
True
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A good is a blank product that consumers, firms, or governments wish to purchase.
Answer the following statement(s) true (T) or false (F)
Suppose that the percentage change in demand is 10%, the price elasticity of supply is 2, and the percentage change in the equilibrium price is 3.33%. What is the price elasticity of demand?
A. 0 B. 1 C. 2 D. 3
How does increasing wealth raise the cost of doing everything? By
A) bidding up the prices of labor-saving devices. B) increasing the time required to earn and manage the wealth. C) increasing the value of available alternatives. D) raising the cost of hiring servants. E) raising the rate of inflation.
Large countries can improve their welfare by levying a tariff only if it does not
A) encourage rent seeking elsewhere in the economy. B) discourage innovation. C) lead to retaliation by the nation's trading partners. D) All of the above. E) None of the above.