In the long run, an oligopolist is most likely to
A. Experience zero economic profits because barriers to entry do not exist in the long run.
B. Face a straight demand curve.
C. Produce at the most technically efficient output level due to long-run competition.
D. Experience economic profits when sufficient barriers to entry are present.
Answer: D
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There are some concerns that technological progress can lead to an increase in unemployment. Explain the two related but separate dimensions of technological progress
What will be an ideal response?
The Bretton Woods system
a. fixed exchange rates in terms of U.S. dollars b. fixed exchange rates in terms of all major currencies c. fixed exchange rates in terms of gold d. established a system of flexible exchange rates e. established the European monetary system