The O in OLI theory stands for ownership, and the asset owned can be tangible or intangible
Indicate whether the statement is true or false
TRUE
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If a firm decides to ignore the reactions of its rivals to its policies, the appropriate model to analyze its behavior is
a. game theory. b. perfect competition. c. monopoly. d. cartels.
Discouraged workers
A. have jobs, but are unhappy with them. B. are officially unemployed. C. want to work, but have given up looking for jobs. D. are not working and don't want to work.
A feature of monopolistic competition is:
A. considerable control over price. B. homogeneous or standardized products. C. a patent-protected product. D. nonprice competition.
Answer the following statements true (T) or false (F)
1) The business cycle is primarily concerned with changes in the level of overall prices over time. 2) A sometimes short, sometimes extended period of declining output and living standards is referred to as a recession. 3) The business cycle reflects both short-run fluctuations in output and long-run economic growth. 4) Economists and policymakers are generally more concerned about nominal GDP than real GDP. 5) Nominal GDP measures a nation's output in current year prices.