The characteristic most closely associated with oligopoly is:
A. product standardization.
B. easy entry into the industry.
C. no control over price.
D. a few large producers.
Answer: D
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If a monopolistically competitive firm is earning economic profits in the short run:
A. its output will increase in the long run. B. these profits will persist in the long run because of the firm's limited monopoly power. C. price will be driven down to minimum average total cost in the long run. D. these profits will be eliminated in the long run as new firms enter the industry.
T/F one problem with revenue-based incentive schemes is that they do not generally provide an incentive to maximize profits
What will be an ideal response?
Which of the following is correct?
A. If the demand for a product is inelastic, a change in price will cause total revenue to change in the opposite direction. B. If the demand for a product is inelastic, a change in price will cause total revenue to change in the same direction. C. If the demand for a product is inelastic, a change in price may cause total revenue to change in either the opposite or the same direction. D. The price elasticity coefficient applies to demand, but not to supply.
Income is distributed ________ equally than wealth and the Lorenz curve for ________ lies closer to the line of equality
A) more; income B) more; wealth C) less; income D) less; wealth