When competing power blocs exist within an oligopolistic industry,
a. concentration ratios are low
b. the laissez-faire approach can be justified
c. prices are higher than under monopoly
d. nationalization is necessary
e. contestable markets exist by definition
B
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Human capital is
A) all capital owned by individuals, but not by corporations or governments. B) all capital owned by individuals or corporations, but not by governments. C) machinery that meets or exceeds federal safety standards for use by humans. D) the skill and knowledge of workers.
From the Keynesian perspective, an exogenous increase in investment is likely to lead to
A) a decrease in interest rates. B) an increase in output. C) an increase in the money supply. D) a decrease in government spending.
Another term for an economic variable whose value is given is ________
A) endogenous B) exogenous C) autonomous D) ornamental
Which of the following is true of indirect business taxes?
a. They are included in corporate profits. b. They are not included in the GDP. c. They reduce the value of total economic output thereby reducing the value of the GDP. d. They are collected by business firms that act as agents for the government. e. They are the same as personal income taxes.