Which of the following is NOT a necessary condition for oligopoly?
A) barriers to entry
B) strategic dependence of firms
C) differentiated products
D) either a small number of firms or market dominance by a small number of firms
C
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As the stock of a depletable resource falls, its user cost
A) rises. B) falls. C) is unchanged, but its price rises. D) is unchanged, but the extraction cost rises. E) is unchanged, but its true cost rises.
In the very short run:
a. new firms may enter an industry. b. existing firms may change the quantity they are supplying. c. price and quantity supplied are absolutely fixed. d. quantity supplied is absolutely fixed.
In recent years the United States has run persistent deficits in its balance on the current account
a. True b. False Indicate whether the statement is true or false
Suppose Russia can produce automobiles relatively cheaply, but they have poor gas mileage and create a great deal of air pollution. The U.S. government, concerned about the quality of air, would like to see fewer Russian automobiles and more cleaner-running American automobiles on the road.a. What is the nature of the market failure that would justify the U.S. government taking some action against the importation of Russian automobiles?b. Explain why imposing a tariff is a second-best policy to employ in this case and what policy choice would be more efficient.
What will be an ideal response?