Oligopolistic industries are characterized by a
A. few large firms and no barriers to entry.
B. few large firms and substantial barriers to entry.
C. large number of firms and no barriers to entry.
D. large number of firms and substantial barriers to entry.
Answer: B
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When perfectly competitive firms in an industry are earning positive economic profits, a. we would expect entry into the industry
b. we would expect stability in the industry, since it is in long run equilibrium. c. we would expect exit from the industry. d. we do not know whether there would tend to be entry, exit, or stability in the industry.
The efficiency-wage theory of worker turnover suggests that firms with higher turnover will have
a. higher production costs and higher profits. b. higher production costs and lower profits. c. lower production costs and higher profits. d. lower production costs and lower profits.