Oligopoly differs from monopolistic competition in that an oligopoly includes
A) product differentiation.
B) barriers to entry.
C) no barriers to entry.
D) downward-sloping demand curves facing the firm.
B
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Cartels are
a. difficult to organize. b. difficult to preserve. c. especially unlikely to succeed if the members sell many varied products. d. All of the above are correct.
For a competitive firm, the value of output ________ and the marginal product of labor ________ with each additional worker hired.
A. stays constant; decreases B. decreases; stays constant C. increases; increases D. increases; decreases
Refer to the information provided in Table 33.1 below to answer the question(s) that follow. Table 33.1
Refer to Table 33.1. For both countries to benefit from trade, the terms of trade must be between ________ bushel(s) of oranges to bushel(s) of bananas.
A. 2:3 and 2:1 B. 1:1/2 and 1:4 C. 1:1 and 1:2. D. 1:1 and 1:1/2