Which of the following is a characteristic of an oligopolistic industry?
a. interdependence of a firm's price and output decisions
b. low barriers to entry
c. small output of individual firms relative to the total market
d. a large number of competing firms
A
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Between the Civil War and World War I, the U.S. monetary system:
a. experienced a persistent deflation. b. suffered several financial crises in which banks closed and firms went bankrupt. c. adopted a de facto gold standard. d. adopted a central bank. e. All of the above.
In 2011 the largest percentage of federal government spending was on
a. national defense. The largest source of federal revenues was from corporate income taxes. b. health. The largest source of federal revenues was from individual income taxes. c. income security. The largest source of federal revenues was from corporate income taxes. d. income security. The largest source of federal revenues was from individual income taxes.
The government can both set the efficient level of output in a market and maximize surplus by correcting for a negative externality by using:
A. a quota. B. a tradable allowance. C. a tariff. D. a subsidy.
If there are two firms in an industry and each has 50 percent market share, then the Herfindahl-Hirschman Index equals
A. 2,500. B. 2,800. C. 5,000. D. 6,600.