Which of the following is a feature of an oligopoly market?
A) There is a large number of sellers in this market.
B) There are no barriers to entry in this market.
C) Each firm in this market earns zero economic profits.
D) Each firm's action affects the decisions of its rival.
D
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Which of the following is a result of government price controls?
A) Some people win and some people lose. B) The deadweight loss from price ceilings is greater than the deadweight loss from price floors. C) Price controls increase economic efficiency. D) Price controls benefit poor consumers but harm producers and wealthy consumers.
Suppose individuals now believe that there will be a future tax cut. This reduction in expected future taxes will cause which of the following to occur in the current period?
A) the LM curve to shift down B) the LM curve to shift up C) the IS curve to shift rightward D) the IS curve to shift leftward E) none of the above