In a well-functioning market, high opportunity costs will be reflected in high monetary costs.
Answer the following statement true (T) or false (F)
True
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Oligopoly differs from perfect competition and monopolistic competition in that
A) demand and marginal revenue curves are more useful for analyzing oligopoly than they are for analyzing perfect competition and monopolistic competition. B) the concentration ratios of oligopoly industries are lower than they are for perfectly competitive and monopolistically competitive industries. C) barriers to entry are lower in oligopoly industries than they are in perfectly competitive and monopolistically competitive industries. D) because oligopoly firms often react when other firms in their industry change their prices, it is difficult to know what the oligopolist's demand curve looks like.
During the Great Recession of 2007-2009, the U.S. ________
A) experienced unprecedented declines in household wealth B) the unemployment rate more than doubled C) experienced the most severe economic downturn since the Great Depression D) all of the above E) none of the above
Western agriculture in the nineteenth century can be characterized by
(a) a rising labor to output ratio. (b) a rising capital to output ratio. (c) the use of marginal land to increase output. (d) a shift to more efficient crops.
The imposition of a unit excise tax on beer will
A) lower equilibrium price and quantity in the market. B) increase equilibrium quantity and price in the market. C) lower equilibrium quantity and raise equilibrium price in the market. D) raise equilibrium quantity and lower equilibrium price in the market.