Oligopolies can end up looking like competitive markets if the number of firms is
a. large and they all cooperate.
b. large and they do not cooperate.
c. small and they all cooperate.
d. small and they do not cooperate.
b
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The LM curve will shift to the right when government expenditures increase
Indicate whether the statement is true or false
All business firms should consider their fixed costs in determining the prices they set.
Answer the following statement true (T) or false (F)
If the Gini coefficient is zero, then we know
a. the value of the Lorenz curve must be one b. the income distribution is perfectly equal c. the richest quintile receives all the income d. the income in the economy has not changed e. the Lorenz curve lies above the diagonal
Perfectly inelastic demand curves are vertical
a. True b. False Indicate whether the statement is true or false