As the number of sellers in an oligopoly becomes very large, the quantity of output approaches the socially efficient quantity.
An Oligopoly is when there are few large firms operating in an industry.
Characteristics of an oligopoly:
- Firms set the price for their product
- Products are differentiated
- The demand curve is downward sloping
- There is a high barrier to entry and exit of firms into the industry.
As the number of firms increase in an oligopoly, the quantity and price approaches what would exist in a perfect competition. As the number of firms in an oligopoly decreases, the price and quantity produces approaches that would be exist in a monopoly.
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Answer: When the price level increases, real balances increase and businesses and households find themselves wealthier and therefore increase their spending.
Explanation:
As the price level falls, the interest rate declines, and interest-rate-sensitive spending increases. It should be noted that a low interest rate will bring about a rise in the demand for investment.
Therefore, when there's a reduction in the price level, there'll be a reduction in interest rate as well which then leads to the rise in demand for investment and rise in aggregate demand.
When the price level increases, there will be a reduction in real balances while the businesses and the households will be poorer when compared to a scenario whereby there's a price fall.
Answer:
Well, in sports, that's more popular than of entertainment. See, in sports, people want to know about sports scores, hey, they even bet on it. So, with the entertainment, people want to know about celebrities or famous singers, or new movies and TV shows episodes.
Explanation:
About citing, I think you're on your own with that. If you got this question from a text book, then you going to have to read.
The term you're looking for is meritocracy.
