If the firms in an oligopolistic industry can collude effectively (from the firms' viewpoints), the resulting price and output in the market will be most similar to that of
a. a competitive price-searcher market.
b. pure monopoly.
c. bilateral monopoly.
d. a competitive price-taker market.
B
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What is the relationship between scarcity and shortage, as economists use the terms?
A) Scarcity and shortage cannot exist simultaneously. B) Shortages are the basic cause of scarcity. C) Scarcity creates shortages in the long run. D) Scarcity is relative while shortages are absolute. E) Scarcity is unavoidable but shortages are not.
Conventional wisdom holds that there are __________ in banking
A) economies of scope but not scale B) economies of scale but not scope C) economies of both scope and scale D) neither scope nor scale economies
Anna works on a farm every spring during planting season and every fall during the harvest season. The farm fails to employ Anna during the summer or the winter. What type of unemployment does Anna experience?
A. natural unemployment B. cyclical unemployment C. frictional unemployment D. structural unemployment E. seasonal unemployment
What is the difference between the Keynesian and rational expectations theories concerning the success of stabilization policy?
What will be an ideal response?