A market with two firms can be an oligopoly if:
a. one of the firms eventually wins a patent on the product sold in the market.
b. the government makes them sell their output at the equilibrium price
c. both the firms spend a significant amount of money on product development.
d. one of the firms is taken over by the other.
c
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Use the following table showing the consumption schedule for an economy to answer the next question. All figures are in billions of dollars.RGDPConsumption$440$450490490540530590570640610Given a level of investment and government expenditures totaling $30 billion, zero net exports, and a lump-sum tax of $30 billion, a reduction of government expenditures of $20 billion at each level of real GDP will result in an equilibrium real GDP of
A. $490 billion. B. $590 billion. C. $640 billion. D. $540 billion.
A profit-maximizing perfectly competitive firm should hire workers up to the point where labor's marginal revenue product equals the wage rate
Indicate whether the statement is true or false
Proposals to write off significant developing-country debt were opposed by
a. all developing countries b. most developed countries and some middle-income, highly-indebted developing countries c. most developed countries and the poorest developing countries d. only the poorest developing countries e. all countries opposed these proposals
Diminishing marginal productivity can occur due to the following reason(s)
a. the difficulty of monitoring and motivating larger workforces b. the increasing complexity of larger systems c. the "fixity" or permanence of some factor of production d. all of the above