Which of the following is NOT a characteristic of oligopoly firms?
A) strategic dependence
B) product differentiation
C) non-price competition, such as advertising and promotions
D) perfectly elastic demand curves
Answer: D
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According to the Keynesians, labor contracts
a. are unimportant for modern labor markets because few worker are unionized. b. mean that real wages are inflexible. c. mean that money wages never adjust. d. imply that nominal wages adjust, but only periodically.
The four P's are
a. Price, Product, Psychological, Promotion b. Price, Placement, Psychological, Promotion c. Price, Product, Placement, Promotion d. Price, Product, Psychological, Placement
Starting from an equilibrium position,
a. the imposition of a price floor below the equilibrium price will increase the quantity demanded. b. the imposition of a price floor below the equilibrium price will decrease the quantity exchanged. c. the imposition of a price floor above the equilibrium price will decrease the quantity demanded. d. the imposition of a price floor above the equilibrium price will increase the quantity exchanged.
The flatter is the IS curve,
A) the more effective is monetary policy. B) the less effective is monetary policy. C) the effectiveness of monetary policy does not change. D) a given change in the money supply will have a smaller effect on output.