The best example of an oligopolistic industry in the United States is
a. gas stations.
b. grocery stores.
c. automobile production.
d. farming.
c. automobile production.
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Explain why resources are used efficiently in a competitive market
What will be an ideal response?
When the supply of a good increases, the quantity supplied at each price is increasing as well
Indicate whether the statement is true or false
A Cobb-Douglas production function:
A) exhibits constant returns to scale. B) exhibits increasing returns to scale. C) exhibits decreasing returns to scale. D) can exhibit constant, increasing, or decreasing returns to scale.
Jeff runs a bakery that is famous for its handmade sweet buns. Suppose the elasticity of demand for sweet buns is equal to 0.21, then an increase in the price of the buns: a. will result in a decrease in the supply of sweet buns. b. will result in an increase in the demand for sweet buns
c. will result in a decrease in the total revenue earned by Jeff. d. will result in an increase in the total revenue earned by Jeff.