Product differentiation complicates the study of oligopolies because such markets may not:
a. be efficient.
b. have prices equal to marginal cost.
c. have free entry and exit.
d. obey the law of one price.
d
Economics
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If a 6 percent decrease in the price leads to a 5 percent increase in the quantity demanded, the price elasticity of demand is
A) 0.30. B) 0.60. C) 0.83. D) 1.20.
Economics
In the situation shown by this graph, what will be the most likely result of the fiscal policy on employment?
a. The unemployment rate will fall.
b. The unemployment rate will rise.
c. The unemployment rate will remain unchanged.
d. The unemployment rate will move unpredictably.
Economics