The key feature of an oligopoly is that there
A) are many buyers and sellers.
B) is one seller.
C) exists product differentiation.
D) are only a few sellers.
D
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The "perfect information" assumption of perfect competition includes all of the following except one. Which one?
A) Consumers know their preferences. B) Consumers know their income levels. C) Consumers know the prices available. D) Consumers can anticipate price changes. E) Firms know their costs, prices and technology.
In recent years, a monetary growth rule has fallen out of favor because
A) it is believed that active monetary policy destabilizes the economy and makes the business cycle worse. B) the growth rate of GDP has been highly unstable. C) the close relationship between movements in M1 and movements in real GDP has become weaker. D) the growth rate of M1 has become more stable.