Which of the following is NOT a necessary condition for oligopoly?
A. strategic dependence of firms
B. either a small number of firms or market dominance by a small number of firms
C. barriers to entry
D. differentiated products
Answer: D
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The higher the cost of acquiring skills, the ________ are the high-skilled and low-skilled labor ________ curves
A) closer together; demand B) farther apart; demand C) closer together; supply D) farther apart; supply
What good or service creates positive externalities?
a. Vaccination against measles b. Vegan cookies c. Organic sweaters d. Eyesight correction surgery
Order for mutually beneficial trade to occur between two otherwise isolated nations:
A. each nation must be able to produce at least one good absolutely cheaper than the other. B. each nation must be able to produce at least one good relatively cheaper than the other. C. each nation must face constant costs in the production of the good it exports. D. one nation's production must be labor-intensive while the other nation's production is capital-intensive.
According to the infant industry argument, a new domestic industry needs protection because it has higher costs than established foreign competitors
a. True b. False Indicate whether the statement is true or false