Oligopoly differs from perfect competition and

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Macroeconomics for Today
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Chapter 20 / Exercise 11
Macroeconomics for Today
Tucker
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50._______ Oligopoly differs from perfect competition and monopolistic competition in that a)barriers to entry are lower in oligopoly industries than they are in perfectly competitive and monopolistically competitive industries. b)the concentration ratios of oligopoly industries are lower than they are for perfectly competitive and monopolistically competitive industries. c)because oligopoly firms often react when other firms in their industry change their prices, it is difficult to know what the oligopolist's demand curve looks like. d)demand and marginal revenue curves are more useful for analyzing oligopoly than they are for analyzing perfect competition and monopolistic competition.
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Chapter 20 / Exercise 11
Macroeconomics for Today
Tucker
Expert Verified
51._______ Which of the following is a truestatement about real and nominal GDP?
Table 6Year CPI (1982-1984 = 100) 2015 175 2016 180 52._______ Refer to Table 6. Suppose that the data in the table above reflect price levels in the economy. What is the inflation rate between 2015 and 2016?
Table 7Year Nominal Average Hourly Earnings 2014 $10 100 2015 10 105 2016 12 110 53._______ Refer to Table 7. Looking at the table above, real average hourly earnings in 2015 were CPI
54._______ If inflation increases unexpectedly, then a)lenders gain and borrowers gain. b)lenders receive a lower real interest rate than they expected. c)neither borrowers nor lenders lose. d)borrowers pay a higher real interest rate than they expected.
55._______ Which of the following is an example of human capital?
56._______ Using the data in the table above, real GDP per capita in 2009 is
57._______ The aggregate production function gives the relationship between
Figure 4 Figure 4 shows the market for Atlantic salmon, a common resource. The current market equilibrium output of Q1is not the economically efficient output. The economically efficient output is Q2.

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