Owners may have little to do with the management of the firm in the case of

Which of the following are parts of the business cycles?

A) peak and potential GDP B) real GDP and potential GDP C) recession and expansion D) inflation and recession

Managers in oligopoly firms must

A) eliminate any barriers to entry if they hope to make short-run profits. B) advertise heavily in order to differentiate their product. C) anticipate the reaction of rival firms. D) establish many varieties of their products to cover the spectrum of consumer tastes.