When competing power blocs exist within an oligopolistic industry,
a. concentration ratios are low
b. the laissez-faire approach can be justified
c. prices are higher than under monopoly
d. nationalization is necessary
e. contestable markets exist by definition
B
Economics
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A competitive market maximizes social welfare because in a competitive market,
A) profits are zero. B) price equals marginal cost of the last unit produced. C) price equals average cost of the last unit produced. D) there is free entry and exit.
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The fractional reserve system allows banks to create money by making loans based on the quantity of demand deposits they have
Indicate whether the statement is true or false
Economics