Perfect competition has

Select one:

Many firms, a homogeneous product and no barriers to entry

Many firms, a differentiated product and no barriers to entry

Many firms, a homogeneous product and high barriers to entry

Many firms, a differentiated product and high barriers to entry

interdependence in an oligopoly comes about because of

Select one:

A small number of firms

A differentiated product

High barriers to entry

Low barriers to entry

A monopoly can make profits in the long run because of

Select one:

Barriers to entry

A differentiated product

Many competitors

Lower prices

In a contractionary phase of the cycle, automatic stabilisers

Select one:

Increase unemployment benefits paid, decrease tax collection and move the budget towards a deficit

Increase unemployment benefits paid, decrease tax collection and move the budget towards a surplus

Decrease unemployment benefits paid, increase tax collection and move the budget towards a deficit

Decrease unemployment benefits paid, increase tax collection and move the budget towards a surplus

Expansionary monetary policy means interest rates

Select one:

Decrease and contractionary monetary policy means interest rates increase

Increase and contractionary monetary policy means interest rates decrease

Decrease or increase depending on the stage of the business cycle

Remain unchanged