A unique feature of oligopoly markets is
a. market power
b. mutual interdependence
c. barriers to entry
d. product heterogeneity
e. pricing power
B
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Stock prices in Richland declined suddenly after one of the largest banks in Richland faced bankruptcy. If animal spirits play an important role in shaping Richland's economy, which of the following is likely to happen assuming all else equal?
A) Equilibrium unemployment in Richland will fall. B) Equilibrium wage levels in Richland will fall. C) Investment by firms in Richland will increase. D) Richland's consumption expenditure will increase.
If the absolute value of the price elasticity of demand for a product is greater than 1, then
A) quantity demanded is not very sensitive to price changes. B) demand is elastic. C) demand is unit-elastic. D) demand is inelastic.
An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Gross national income is
A. GNP converted into dollars using an average exchange rate over several years adjusted for rates of inflation. B. GNP measured using an incomes approach. C. GDP converted into dollars using an average exchange rate over several years adjusted for rates of inflation. D. GNP divided by population.