An oligopolist's production decision affects:
A. its profits.
B. the profits of other firms in the market.
C. the prices charged by each firm.
D. All of these statements are true.
D. All of these statements are true.
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Macroeconomics, as opposed to microeconomics, includes the study of what determines the level of
A) output of a specific firm. B) employment in the economy. C) employment in a specific industry. D) output of a specific industry.
If Alberto Reyes increases his work hours when his real wage increases, then
A) the substitution effect of the wage increase outweighs the income effect. B) the income effect of the wage increase outweighs the substitution effect. C) leisure is an inferior good to Alberto. D) the substitution effect of the wage increase is completely offset by the income effect.