The Lerner Index is
A) the ratio of the difference between price and marginal cost to price.
B) equal to (Price - MC)/Price
C) a measure of market power.
D) All of the above.
D
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According to Keynesians, an increase in the money supply will have its least impact on GDP when the aggregate demand curve intersects:
a. the horizontal portion of the aggregate supply curve. b. the vertical portion of the aggregate supply curve. c. the upward sloping portion of the aggregate supply curve. d. either the horizontal or upward sloping portion of the aggregate supply curve. e. either the horizontal or upward sloping portion of the aggregate supply curve.
All of the following are possible characteristics of oligopoly except
a. free entry into the industry. b. significant economies of scale. c. interdependence among sellers. d. homogeneous product.