Which of the following industries most closely approximates the oligopoly model?
a. dry cleaning
b. fast food
c. automobile manufacturing
d. agricultural produce
c
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The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of $100 in the market for winter jackets
When the price ceiling is in place and taking account of the resources lost in search, consumer surplus ________ and producer surplus ________ compared to the equilibrium before the price ceiling was imposed. A) decreases; increases B) decreases; decreases C) increases; increases D) increases; decreases E) does not change; increases
Growth in real GDP per capita is achieved when population grows more rapidly than output.
Answer the following statement true (T) or false (F)
The "invisible hand" concept to describe the guiding function of prices was developed by:
A. Milton Friedman. B. Jeremy Bentham. C. Adam Smith. D. David Ricardo.
Which of the following is FALSE about indifference curves?
A) They are downward sloping. B) They are convex to the origin. C) They intersect. D) They can shift.