Because oligopoly markets have only a few sellers, the actions of any one seller
a. do not affect other sellers in the market.
b. can have a large impact on the profits of other sellers in the market.
c. will affect how other firms behave in the market.
d. Both b and c are correct.
d
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GNI per capita can be adjusted by purchasing power to account for differences in the cost of living.
a. true b. false
Which describes the economic meanings of value and price?
A) Value is exchange worth minus marginal benefit, and price is the dollars that must be paid. B) Value is the marginal benefit obtained, and price is the dollars that must be paid. C) Value refers to the gain the producer gets from the good or service, and price refers to the gain the consumer gets from the good or service. D) Value refers to the dollars that must be paid, and price refers to the cost of producing the good. E) They are the same and both mean the dollars that must be paid.