The more firms an oligopoly has,
a. the more likely it is to earn monopoly profits.
b. the higher the price of the product.
c. the farther the equilibrium quantity will be from the socially efficient quantity.
d. the more likely the firms will charge a price close to the perfectly competitive price.
d
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Perfect competition arises if the ________ efficient scale of a single producer is ________ relative to the demand for the good or service
A) minimum; small B) minimum; large C) maximum; small D) maximum; large
A business cycle is the:
a. period of time in which expansion and contraction of economic activity are equal. b. period of time in which there are three phases: peak, depression, and recovery. c. recurring growth and decline in real GDP. d. period of time in which a business is established and ceases operations.