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Oligopoly differs from monopoly as follows:

Select one:

a. Oligopoly involves a few firms; monopoly involves a single firm.

b. Oligopoly does use advertisement; monopoly does not use advertisement.

c. Oligopoly involves free entry; monopoly involves no free entry.

d. Oligopoly involves a few firms; monopoly involves a single firm and oligopoly involves free entry; monopoly involves no free entry.

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Pricing is an aspect of a firm's:

Select one:

a. performance.

b. structure.

c. conduct.

d. environment.

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Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
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ISBN: 9781947172388
Principles of Microeconomics
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Related questions

1) A natural monopoly exists when:

a. A few firms collude to make one large firm

b. Firms enter the industry as a result of profit incentives

c. Economies of scale provide large cost advantages to having one firm produce the industry's output

d. Firms naturally maximize regardless of market structure

Ā 

2) A(n) ____ is a single firm with ___, whereas a(n) ___ implies an industry with ____ firm(s) and ____ .

a. Monopoly; barriers to entry; oligopoly; few; no barriers to entry

b. Oligopoly; no barriers to entry; monopoly; many; easy entry and exit

c. Monopoly; barriers to entry; monopolistic competition; many; easy entry and exit

d. Monopolistic competitor; barriers to entry; monopoly; one; barriers to entry

Ā 

3) In monopolistic competition:

a. Each firm produces a product identical to that of every other firm in the industry

b. Firms are aware of their strategic interdependence

c. Firms earn large economic profits in the long run

d. Firms earn zero economic profits in the long run

Ā 

4) A monopolistically competitive industry, such as corn snack chips, and a perfectly competitive industry, like wheat farming, are alike in that:

a. There are many firms in each industry

b. Firms in both types of industries produce similar but not identical products

c. Barriers to entry in both industries are large

d. Firms in both types of industries produce identical products

Question 23

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Money that has an alternative use as an economic good is

Select one:

a. commodity money.

b. fiat money.

c. specie.

d. wampum.

Question 24

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The FDIC was established to

Select one:

a. create a government banking monopoly.

b. protect the savings of the American people.

c. help with the financing of World War II.

d. federalize the banking system.

Question 25

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The problem with Continental dollars, which were printed during the Revolutionary War, was that

Select one:

a. they were backed by gold and not silver.

b. they were fiat money.

c. they were backed by individual states.

d. so much was printed they became nearly worthless.

Question 26

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When money is easily transferred from one person to another, it is said to be

Select one:

a. accepted.

b. portable.

c. divisible.

d. durable.

Question 27

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Which of the following will most likely happen if interest rates are raised?

Select one:

a. Fewer businesses and private citizens will apply for loans and there will be a general decrease in the money supply.

b. More private citizens and businesses will apply for loans.

c. Businesses will likely apply for more loans, while private citizens may or may not.

d. The money supply will expand

Question 11

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Aggregate demand will increase

Select one:

a. when productivity is low.

b. if consumers save more and spend less.

c. if the dollar declines in value.

d. if consumers save less and spend more.

Question 12

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Baby boomers are people who were born in the United States during the years

Select one:

a. 1965 to 1985.

b. 1946 to 1964.

c. 1939 to 1957.

d. 1950 to 1970.

Question 13

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Decreases in aggregate supply can be caused by

Select one:

a. higher interest rates.

b. decreases in fuel and transportation costs.

c. reduced government regulation.

d. lower taxes.

Question 14

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Deregulation is most closely associated with

Select one:

a. supply-side economics.

b. demand-side economics.

c. Keynesian economics.

d. laissez-faire economics.

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