What development in the 1970s and 1980s is considered one of the most extensive experiments in industrial policy in the last half-century?
A. Extensive antitrust enforcement
B. Increased breakups of monopolies
C. Deregulation of industries
D. Fostering natural monopolies
C. Deregulation of industries
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The natural unemployment rate is 4 percent and the actual unemployment rate is 7 percent. According to Okun's Law, how does of real GDP compare to potential GDP?
What will be an ideal response?
For a perfectly competitive firm, as its output increases its marginal revenue ________ and its marginal cost ________
A) changes; changes B) changes; does not change C) does not change; changes D) does not change; does not change
In the highly competitive setting in which oligopoly firms operate, which of the following are considered to be typical temptations for firms?
A. to cooperate to generate and then divide up monopoly-like profits B. to cooperate to mutually decide what price to charge C. to cooperate to make decisions about what quantity to produce D. all of the above
If the average variable cost of the fifth hat is $30, then the total variable cost of five hats is
A) $6. B) $150. C) $1800. D) indeterminate from this information.