As the number of firms in an oligopoly grows, the industry approaches a level of output ________ the competitive level and ________ the monopoly level.
a. more than, less than
b. less than, equal to
c. less than, more than
d. equal to, more than
Answer: b. less than, equal to
You might also like to view...
A central bank has three traditional tools to conduct monetary policy: open market operations, reserve requirements, and discount rates.
Select whether the statement is true or false. A. True B. False
Suppose that Argentina's dollar-denominated external assets and liabilities are $10 billion and $100 billion, respectively, and its Argentine peso-denominated external assets and liabilities are each 50 billion pesos (P). Suppose further that Argentina fixes its exchange rate at P1 = $US1. How was Argentina's net external wealth affected as a result of the devaluation of the peso (from P1 = $US1 to P3 = $US1)?
A) Net external wealth rose. B) Net external wealth fell. C) Net external wealth was not affected. D) One cannot determine how net external wealth was affected with the information provided
The purchasing power of a dollar will rise
A. if nominal interest rates rise. B. if the price level decreases. C. if the price level increases. D. if real interest rates fall.
The closer we are to the production possibilities frontier and the farther away we are from the origin,
A. the more unemployment there is. B. the less unemployment there is. C. the only way to produce more guns will be to give up some butter production. D. the only way to produce more butter will be to give up some gun production.