A. Firms in an oligopoly are independent of one another, much like competitive firms.

B. There is tension between cooperation and self-interest.

C. There is little, if any, motivation for cooperation between firms.

D. The actions of any one seller in the market have little to no impact on the profits of all the other sellers.

A. A subsidy

B. A tariff

C. A trademark

D. A patent

A. By selling government bonds

B. By purchasing government bonds

C. By increasing taxes

D. By raising reserve requirements

A. It is defined by a government taking the authoritative role in the economy.

B. Factors of production are government-owned or state-owned.

C. It found a near ideal in China and the former Soviet Union during the heydays of communism.

D. The government takes a hands-off approach known as laissez-faire.

A. Price remains the same.

B. Quantity decreases.

C. Quantity increases.

D. Price decreases.

E. Price increases.

F. Quantity remains the same.

A. When marginal cost is greater than marginal revenue.

B. When the average variable cost is less than the price of a unit after a short-term stop.

C. When the price of a unit covers the average variable cost after a short-term stop.

D. When total revenue is greater than total cost.

A. The aggregate demand for imports increases.

B. The efficiency of market corrections is reduced.

C. The quantity of goods and services demanded for any given price decreases.

D. The quantity of goods and services demanded for one specific price increases.

A. Quantity demanded responds substantially to price changes

B. Quantity demanded responds only slightly to price changes

C. Consumers are highly sensitive to price changes

D. Price and total revenue move in opposite directions

A. The idea that governments should actively defend domestic industries from imports and vigorously promote the export of resources

B. The idea that market forces should determine how much to trade with little or no government intervention

C. The assumption that a resource removed from one industry can be moved to another

D. An economic condition in which a nation exports more than it imports