If a market changes from oligopoly to perfect competition, then as a result

A. Prices should rise in the long run.
B. Profitability should rise in the long run.
C. Fewer resources will be allocated to the market.
D. Output should increase in the long run.


Answer: D

Economics

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Social Security is structured as a pay-as-you-go system, meaning that payments to current retirees are paid

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A farmer has 100 acres of land on which he can grow soybeans or corn. An acre of land yields 200 bushels of soybeans or 100 bushels of corn. The above figure refers to the farmer's

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A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5 . Eleven sellers are also willing to sell at the same prices. If the market maker makes three transactions, what is his total profit?

a. $12 b. $15 c. $18 d. $21

Economics