The primary reason most oligopolists do not become monopolists is
a. inadequate profit
b. disinclination to merge
c. fear of government
d. inability to prevent competitors from entering the industry
e. inability to differentiate their goods
D
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According to the quantity theory of money, inflation causes an increase in the money supply
Indicate whether the statement is true or false
An increase in price expectations shifts the long-run Phillips curve, but not the short-run Phillips curve
a. True b. False Indicate whether the statement is true or false
A socially optimal equilibrium occurs when: a. the marginal social cost of a given level of output is equal to the marginal social benefit. b. the marginal private cost of a given level of output is equal to the marginal social benefit. c. the marginal revenue from a unit of a good equals the marginal cost of production
d. the average revenue from a unit of a good equals the marginal cost of production.
An American soldier stationed in North Carolina receives a paycheck from the federal government for $300, which she uses to purchase a $100 MP3 player made in China by a Chinese firm and $200 for fruit and vegetables from a local farmers market. As a result, U.S. GDP increases by
a. $200. b. $300. c. $500. d. $600.