Say's law was the centerpiece of
A. Keynesian economics.
B. communism.
C. classical economics.
D. rational expectations theory.
C. classical economics.
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A cartel is defined to be
A) any oligopolistic industry with fewer than 4 firms. B) a form of oligopoly in which firms agree to sell at different prices like in monopolistic competition. C) a form of oligopoly in which firms formally agree to establish a common strategy, often a common price, in effect acting like a monopoly. D) a form of oligopoly in which firms agree to compete with each other on an equal basis.
Economists believe that people are:
A. always risk-seekers. B. always risk-averse. C. generally risk-averse. D. generally risk-seekers.
One way firms protect their monopoly is:
A. raising prices. B. advertising. C. taking advantage of short-run profits. D. producing items that can be copied easily.
Which of the following will definitely occur when there is an increase in the supply of and decrease in demand for MP3 players?
A. an increase in equilibrium quantity B. an increase in equilibrium price C. a decrease in equilibrium price D. a decrease in equilibrium quantity