An oligopoly is a market structure in which there
a. are no good substitutes produced within the industry, giving each firm substantial market share
b. are perfect substitutes produced within the industries, giving each firm only partial market share
c. are monopolies competing to create monopolistic competition in the short run and oligopoly in the long run
d. are at least 25 firms producing an identical good
e. are only a few firms in the industry
E
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Assume individuals consider only the long run effects of changes in future macro variables when forming expectations of future output and future interest rates. Suppose individuals expect future government spending to increase. Given this information, individuals will expect
A) an increase in the expected future interest rate and no change in expected future output. B) an increase in the expected future interest rate and an increase in expected future output. C) an increase in the expected future interest rate and a reduction in expected future output. D) an increase in the expected future interest rate and an ambiguous effect on expected future output.
Who pays a corporate income tax?
a. owners of the corporation b. customers of the corporation c. workers of the corporation d. All of the above are correct.