An oligopoly is a market in which at least some firms are large enough to influence market price
a. True
b. False
Indicate whether the statement is true or false
True
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If in the market for oranges the supply has increased, then
A) the supply curve for oranges has shifted to the left. B) the supply curve for oranges has shifted to the right. C) there has been a movement upwards along the supply curve for oranges. D) there has been a movement downwards along the supply curve for oranges.
The effect that an additional user of a good or participant in an activity has on the value of that good or activity for others is called:
A. network externality. B. social externality. C. negative externality. D. private externality.
If the government were to restrict consumption to the efficient level in a market where a negative externality is present, the market outcome:
A. would not be efficient. B. would be equitable. C. would then be efficient. D. None of these statements is necessarily true.
During the Great Depression in the 1930s, world prices of most primary products plummeted. This caused many countries to turn toward
A. exporting agricultural goods. B. exporting manufactured goods. C. import-substituting industrialization. D. importing manufactured goods.