In the Long Run, an Oligopoly

question 5

Multiple Choice

In the long run, an oligopoly

• A) will produce less than a monopoly.
• B) may be able to earn positive economic profits.
• C) will always produce in the range of decreasing returns to scale.
• D) will produce on the portion of the demand curve where demand is price-inelastic.

Understand the impact of brain functioning and structure on memory accuracy.

Assess the efficacy and concerns of recovery techniques for traumatic memories.

Gauge the susceptibility of autobiographical memories to inaccuracies.

Apply knowledge of memory research to practical situations such as eyewitness testimony and memory recovery therapy.

---

Definitions:

Time Preference

The inclination of individuals to prefer goods and services sooner rather than later.

Rational Expectations

The hypothesis that individuals form predictions of the future based on available information and act on those predictions rationally.

Consumption Goods

Goods that are purchased by consumers for the purpose of consumption and not for resale.

Capital Goods

Physical assets such as buildings, machinery, and equipment used by businesses to produce goods and services.