In the Cournot model of oligopoly, firms produce
a. the competitive quantity.
b. the monopoly quantity.
c. more than the monopoly quantity, but less than the competitive quantity.
d. less than the monopoly quantity.
c. more than the monopoly quantity, but less than the competitive quantity.
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A flight to quality refers to a shift by savers from
A) bonds and into stocks. B) stocks and into gold or other precious metals. C) bonds and into real assets, such as real estate. D) low-quality bonds and into high-quality bonds.
A conclusion of the theory of rational expectations is that the impact of discretionary fiscal policies designed to shift the aggregate demand curve will
A. result in no net change in aggregate demand. B. be anticipated and compensated for, causing no significant change in real GDP or employment levels. C. be completely opposite of the intended result. D. be incorrectly evaluated by most economists.