Which of the following must be true in an oligopoly?
a. The firms produce a differentiated product.
b. There is one dominant firm in the market.
c. The firms are strategically interacting.
d. The market is international in scope.
e. There are no significant barriers to entry.
C
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The division of labor and specialization explain
A) why the average product of labor falls when firms use more capital or change the layout of their businesses. B) why, when the marginal product of labor increases, so does the average product of labor. C) why the marginal product of labor rises as a firm hires its first units of labor. D) why firms may find it profitable to use more workers when the marginal product of labor is negative.
What three factors distinguish models of endogenous growth from their neoclassical counterparts?
What will be an ideal response?