Industries may be oligopolistic due to economies of scale.
Answer the following statement true (T) or false (F)
True
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What did automobiles and government subsidized highways increase the net benefits of?
(a) Investing privately in highway development (b) Rapid expansion of new cities and towns and revitalization in old cities and towns (c) Development of suburban and exurban areas (d) All of the above
The social cost attached to monopolies is reflected by the fact that
A) monopolies produce more output than consumers desire to buy. B) consumers pay prices that exceed the marginal cost of production. C) the demand for a monopolist's product is always lower than the demand for the products of perfectly competitive firms. D) consumers are always willing to pay lower prices for a monopolist's product than for the products of perfectly competitive firms.
A sudden appreciation in the exchange rate of a country deteriorates the terms of trade of the country
a. True b. False Indicate whether the statement is true or false
An increase in Social Security payments to retired persons has what effect on equilibrium income?
a. GDP will fall. b. GDP will rise. c. GDP will remain the same. d. GDP will fall by less than the increase in payments.