The four major components of aggregate demand are consumption, investment, government purchases of goods and services, and net exports

Opportunity cost can best be defined as the

a. value of what must be given up in order to acquire an item. b. money cost to the buyer to acquire a good or service. c. total value of all the other items that otherwise could be acquired. d. cost to the seller to produce an item. e. time cost to obtain the money to buy an item.

One key characteristic that is distinctive of an oligopoly market is that

a. the demand curve facing each firm is downward sloping, with a marginal revenue curve that lies below the firm's demand curve. b. the decisions of one seller often influence the price of products, the output, and the profits of rival firms. c. there is only one firm that produces a product for which there are no good substitutes. d. there are many sellers in the market and each is small relative to the total market.