The situation of oligopoly suggests
A) many firms compete in an industry.
B) mergers have not occurred.
C) interdependence among firms.
D) no barriers to entry exist.
Answer: C
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When the expected inflation rate ________, the short-run Phillips curve ________
A) rises; shifts downward B) falls; shifts upward C) rises; shifts upward D) falls; does not shift E) rises; might shift upward or downward depending on how the long-run Phillips curve shifts
The major shortcoming of a barter economy is
A) that money loses value from inflation. B) that goods and services are not traded. C) the requirement of specialization and exchange. D) the requirement of a double coincidence of wants.
What actions should the Fed take if it believes the economy is about to fall into recession?
What will be an ideal response?
The "minimum efficient scale" of operation in an industry is defined as the scale of operation in an industry that is least efficient
Indicate whether the statement is true or false