Which of the following is the best example of an oligopoly?
a. Area restaurants.
b. The automobile industry.
c. Agricultural markets free of government support.
d. Local utilities.
b
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Explain the relationship between potential GDP and real GDP in the United States since the early 1960s. You do not need to tell what happened during any specific year; just describe the general relationship
What will be an ideal response?
The bandwagon effect corresponds best to which of the following?
A) Snob effect B) External economy C) Negative network externality D) Positive network externality
Refer to Figure 10.1. The minimum feasible price is ________
A) P1 B) P2 C) P3 D) P4 E) none of the above
A good economic model should capture as many details about real-world behavior as possible
a. True b. False Indicate whether the statement is true or false