An oligopolistic industry is characterized by all of the following except
A) production of standardized or differentiated products.
B) firms pursuing aggressive business strategies, independent of rivals' strategies.
C) existence of entry barriers.
D) the possibility of reaping long-run economic profits.
B
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When the production of a good has a marginal external cost, which of the following occurs in an unregulated market?
i. Overproduction relative to the efficient level will occur. ii. The market price is less than the marginal social cost at the equilibrium quantity. iii. A deadweight loss occurs. A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
People expect that the exchange rate for the dollar will rise from 90 yen per dollar to 111 yen per dollar in a month. As a result
A) the supply curve of dollars shifts leftward. B) the supply curve of dollars shifts rightward. C) the demand curve for dollars shifts leftward. D) there is a downward movement along the supply curve of dollars.