An oligopoly can be characterized by production of either identical goods or different goods
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the follow is not a property of the aggregate demand curve?
A. It shows the relationship between the overall price level and the level of total demand. B. It shows the price level on the vertical axis and output on the horizontal axis. C. The aggregate demand curve slopes downward. D. It shows the relationship between the overall price level and level consumption.
The game theory approach to the analysis of oligopoly assumes that oligopolists
A. ignore their interdependence. B. behave with little forethought. C. do not take their businesses seriously. D. act strategically.
Suppose that a competitive market is initially in equilibrium. Then demand increases. If some resources used in production are not available in sufficient quantities for entering firms,
a. the long-run market supply curve will be upward sloping. b. the long-run market supply curve will be perfectly elastic. c. in the long run firms will suffer economic losses, leading them to exit the industry. d. the number of firms will decrease, and the market will become a monopoly.
Critics of government regulation argue that government interference in the marketplace stifles the "animal spirits" of entrepreneurship.
Answer the following statement true (T) or false (F)