In which set of market models are there the most significant barriers to entry?
A. monopolistic competition and pure competition
B. monopolistic competition and pure monopoly
C. oligopoly and pure monopoly
D. oligopoly and monopolistic competition
Answer: C
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An oligopolist will increase production if the output effect is
a. less than the price effect. b. equal to the price effect. c. greater than the price effect. d. The oligopolist never has an incentive to increase production.
When exchange rates are flexible, they are
A. Determined by the relative levels of gold reserves. B. Permitted to vary with changes in supply and demand in the foreign exchange market. C. Determined by the provisions of the Bretton Woods agreement. D. Determined by proclamation of the monetary authorities of a country.
Which tax rate will provide the government with the maximum revenue?
A. F
B. G
C. H
D. I
________ are not a barrier to entry.
A. Consent decrees B. Government franchises C. Patents D. Economies of scale