As the number of sellers in an oligopoly becomes very large,
a. the quantity of output approaches the socially efficient quantity.
b. the price approaches marginal cost.
c. the price effect is diminished.
d. All of the above are correct.
d
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If market participants have rational expectations,
A) they can assume the stock prices they observe represent the fundamental values of those stocks B) they know to purchase stocks that are priced below their fundamental value C) they will achieve higher returns than those with adaptive expectations D) they can earn above-average returns on their investments
Spending money on a new car instead of a used car when you are on a fixed budget is an example of:
A. the incursion of an opportunity cost. B. isolating variables. C. a bad thing to do because you run out of money. D. living on the edge.