Oligopoly is a type of industry in which firms are independent.
Answer the following statement true (T) or false (F)
False
Firms in an oligopoly are so large that when one makes a pricing or marketing change, it can affect the profitability of the other firms in the industry. Therefore, firms in an oligopoly are interdependent, not independent.
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What is the central bank of the United States?
A) There is no central bank in the United States. B) The Department of Treasury C) The Federal Reserve System D) The U.S. Mint E) Each state has its own central bank, which, when all taken together, constitute the central bank of the United States.
An economy produces only food and shelter. There are two individuals in the economy: Bill and Mary. Mary's opportunity cost of producing 1 unit of shelter is 2 units of food. Bill's opportunity cost of producing 1 unit of shelter is 4 units of food
A) Bill has a comparative advantage over Mary in the production of shelter. B) Mary has a comparative advantage over Bill in the production of food. C) Mary has a comparative advantage over Bill in the production of shelter. D) Bill has an absolute advantage over Mary in the production of shelter.