The distinctive characteristic of an oligopolistic market structure is that there are recognizable interdependencies among the decisions of the firms
a. true b. false
a
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Regarding costs, which of the following statements is true?
a. costs can be measured in different ways b. costs appropriate for financial reporting purposes are appropriate for decision-making purposes c. the relevant cost in economic decision making is the initial cost d. sunk costs should always be considered in making operating decisions e. none of these is true
In a free trade area, member nations have no trade barriers among themselves but are free to set their own trade policies toward nonmembers
a. True b. False Indicate whether the statement is true or false
Policies that increase research and development spending will increase the rate of technological change and thus shift the production function up vertically
a. True b. False
As an economy adjusts to an decrease in the saving rate, we would expect output per worker
A) to decrease at a constant rate and continue decreasing at that rate in the steady state. B) to decrease at a permanently higher rate. C) to increase at a permanently higher rate. D) to return to its original level. E) none of the above