Which of the following is a distinguishing characteristic of the oligopoly market structure?
a. easy entry
b. difficult entry
c. many, many firms
d. many, many close substitutes
e. firms's horizontal demand curves
B
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Two receptionists work at Widget, Inc., one in the morning and one in the afternoon. They are an example of
a. job specialization b. job rotation c. job sharing d. none of the above
In the 1970s our economy suffered from _____ and _____.
Fill in the blank(s) with the appropriate word(s).
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
Answer the following statement true (T) or false (F)
1) Cost-benefit analysis is frequently difficult to apply because it is difficult to quantify the full benefits of a public good or service. 2) Society's optimal amount of pollution abatement is where society's marginal benefit of abatement is zero. 3) An improvement in the technology of pollution control is likely to increase society's optimal amount of pollution abatement. 4) Society's marginal cost of pollution abatement curve slopes upward because of the law of diminishing marginal utility. 5) (Consider This) The principle that private negotiation can resolve potential externalities without resort to government intervention is known as the Coase theorem.