The number of firms in an oligopolistic industry
A) must be less than 10.
B) must be less than 20.
C) must be small enough that firms are interdependent.
D) must be large enough for firms to be independent.
Answer: C
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The marginal utility from the consumption of a good is equal to the
A) total utility divided by the quantity consumed. B) total utility divided by the price. C) change in total utility divided by the change in the quantity consumed. D) change in total utility divided by the change in price.
Which of the following is an example of an injection into the circular flow of income and expenditure?
a. Government spending b. Imports c. Disposable income d. Net taxes e. Saving
Keynes called the money people hold in order to pay unforeseen or unexpected expenses the:
a. transactions demand for holding money. b. precautionary demand for holding money. c. speculative demand for holding money. d. store of value demand for holding money.
If the demand curve is a straight line and has the normal negative slope, then as quantity demanded increases, demand
a. becomes more elastic b. becomes more inelastic c. is unitary elastic d. rises and then falls e. is an inverse function of supply