If the social costs of refining oil are greater than the private costs of oil refining, then
A) the external costs of oil refining are greater than the social costs of oil refining.
B) users of products that use refined oil are paying too much for the products.
C) there is too much oil refining.
D) the amount of oil refining needs to increase in order to bring social costs and private costs in line with each other.
Answer: C
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Credit Suisse, Goldman Sachs, and Lazard Freres are examples of
A) commercial banks. B) corporations. C) non-bank financial institutions, such as insurance companies, pension funds, and mutual funds. This includes investment banks, which specialize in underwriting sales of stocks and bonds by corporations and in some cases governments. D) central banks and other government agencies. E) non-profit organizations.
Which of the following is NOT a feature of Sweezy oligopoly?
A. Each firm believes that rivals will cut their prices in response to a price reduction, but will not raise their prices in response to a price increase. B. The firms produce differentiated products. C. Free entry and exit occurs in the market. D. There are a few firms in the market serving many consumers.