In general, the quantity of output in an oligopoly market is:
A. lower than in perfect competition.
B. higher than in perfect competition.
C. the same as in perfect competition.
D. The answer depends on the shape of the average cost curve.
Answer: A
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By using only the aggregate demand curve, we can determine
A) only the price level. B) only the quantity of real GDP. C) both the price level and quantity of real GDP. D) neither the price level nor the quantity of real GDP.
The principle of comparative advantage suggests that governments should pursue free trade because it ______.
a. equitably distributes human capital worldwide b. enables countries to grow their economies through specialization c. prevents poor countries from pursuing technological advances d. reduces pressure on the economies of countries that have few natural resources