If policymakers decrease aggregate demand, then in the short run the price level

Under conditions of oligopoly, economies of large-scale production mean that: a. firms are able to sell all of the output they desire

b. it is difficult for a firm to determine its profit-maximizing price and output. c. large firms would find it more profitable to break up into smaller production units. d. small firms are at a disadvantage in competing with relatively large firms.

Answer the following statements true (T) or false (F)

1. Property rights give the government the right to own, use, and dispose of resources in an economy. 2. Selfishness and self-interest are identical concepts. 3. An important aspect of the market system is that producers and consumers always have to consider the public interest in making production and consumption decisions. 4. If people tried to produce as much of what they need on their own, then this would lead to a more efficient use of the economy's resources.