An oligopolistic industry is characterized by all of the following except
A) production of standardized or differentiated products.
B) firms pursuing aggressive business strategies, independent of rivals' strategies.
C) existence of entry barriers.
D) the possibility of reaping long-run economic profits.
B
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Some people prefer more risky projects than less risky projects. But some people prefer less risky projects to those that are more risky. What explains this behavior?
What will be an ideal response?
An example of a positive market feedback is
A. the use of telegraph services in the twenty-first century. B. the declining use of land-line telephones for long distance calls. C. installation of a phone app. D. routine maintenance on a car.
A tax reduction of a specific amount will be more expansionary the:
A. smaller is the economy's MPC. B. larger is the economy's MPC. C. smaller is the economy's multiplier. D. less is the economy's built-in stability.
Which of the following is false?
A. Tariffs on imports generate revenue for the government. B. Tariffs on imports generate government revenue as long as the domestic price is larger than the world price plus the tariff. C. Tariffs on imports do not generate government revenue if the domestic price is larger than the world price plus the tariff. D. An import quota does not generate government revenue.