Over the long run, oligopoly produces ______ output than perfect competition.
a. slightly more
b. the same
c. less
d. much more
c. less
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Perfectly inelastic demand is represented by a demand curve which is ________, and relatively inelastic demand is represented by a demand curve which is ________
A) upward sloping; horizontal B) horizontal; downward sloping C) downward sloping; vertical D) vertical; downward sloping
If the Fed raises its target for the federal fund rate, this indicates that
A) the Fed is pursuing an expansionary monetary policy. B) the Fed is attempting to combat deflation. C) the Fed is pursuing a contractionary monetary policy. D) The Fed is concerned that the growth in aggregate demand is too slow to keep up with potential GDP.
Which of the following is most likely to reduce the market wage rate in a job category?
a. The job is widely viewed as dangerous. b. The job requires employees to move from city to city quite often. c. The job requires substantial out-of-town travel. d. Employees have considerable flexibility in choosing their work hours.
The law of supply states that other things being equal
A. supply creates its own demand. B. supply will increase to meet demand if demand increases. C. supply will increase if productivity increases. D. as price increases, quantity supplied increases.