In an oligopoly with differentiated products, firms ________
A) make positive economic profits
B) incur losses
C) earn zero economic profits
D) do not face competition from its rivals
A
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A trend is
A) a measure of closeness on a scatter diagram. B) a general tendency for a variable to rise or fall. C) the maximum value of a variable. D) the minimum value of a variable. E) the difference between the maximum value of a variable and the minimum value of the variable.
A cartel's marginal cost curve is the
a. highest of all the individual firms' marginal cost curves b. lowest of all the individual firms' marginal cost curves c. horizontal sum of all the individual firms' marginal cost curves d. average of all the individual firms' marginal cost curves e. product of all the individual firms' marginal cost curves
Private property rights help to ensure an efficient use of resources, because owners of the resources must bear the costs of inefficient use
a. True b. False Indicate whether the statement is true or false
In economics, the term technology refers to different ways of combining resources to produce output. In this sense, technological advances make possible the production of more output from a given amount of resources
a. True b. False Indicate whether the statement is true or false