What are the characteristics of oligopoly?
What will be an ideal response?
Oligopolies have a few firms, a homogeneous or differentiated product, less elastic demand than competitive or monopolistically competitive firms, and large barriers to entry.
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If the marginal propensity to save is 0.20, then the value of the tax multiplier is
A) -5. B) -4. C) 5. D) 1.2.
Which measurement is most useful for comparing the standard of living in different countries?
A. The growth rate of real GDP. B. GDP per capita. C. GDP per worker. D. The growth rate of the labor force.
Ceteris paribus, if the average price level falls, then the _____ effect will result in _____ in the purchases of goods and services.
A. Real balances; an increase B. Foreign trade; a decrease C. Interest rate; a decrease D. Cost; an increase
The gap between a country's potential output and its consumption is most directly related to its:
A. exchange rate. B. budget deficit. C. comparative advantage. D. trade deficit.