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Question 16CorrectMark 1.00 out of 1.00Not flaggedFlag question
Question text An oligopoly knows that its _______ affect(s) its _______ and that the _______ of its rivals will affect it. Select one:
Question 17IncorrectMark 0.00 out of 1.00Not flaggedFlag question Question text Monopolistic competition is an industry characterized by: Select one:
Question 18IncorrectMark 0.00 out of 1.00Not flaggedFlag question Question text According to the Case in Point on hockey teams, economic theory predicts that if a sports team consistently sells out its games, it will operate at a quantity where marginal revenue is: Select one:
b. positive. c. negative. d. equal to marginal cost and both are equal to zero. Incorrect Feedback The correct answer is: positive. Question 19IncorrectMark 0.00 out of 1.00Not flaggedFlag question Question text Economic profits are guaranteed for: Select one: a. a monopoly, but not a perfectly competitive firm. b. a perfectly competitive firm, but not a monopoly. Incorrect c. both a monopoly and a perfectly competitive firm. d. neither a monopoly nor a perfectly competitive firm. Feedback The correct answer is: neither a monopoly nor a perfectly competitive firm.
Question 20 CorrectMark 1.00 out of 1.00Not flaggedFlag question Question text According to the international trade effect, holding everything else unchanged, Select one:
The correct answer is: an increase in the domestic price level reduces net exports leading to a movement along the aggregate demand curve. Question 21: IncorrectMark 0.00 out of 1.00Not flaggedFlag question Question text The natural rate of unemployment: I. includes frictional and structural unemployment. II. is equal to zero when an economy is producing at a point on its production possibilities frontier. III. is the unemployment rate that exists when the quantity of labor demanded is equal to the quantity of labor supplied. Select one:

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