In an oligopoly, each firm knows that its profits
a. depend only on how much output it produces.
b. depend only on how much output its rival firms produce.
c. depend on both how much output it produces and how much output its rival firms produce.
d. will be zero in the long run because of free entry.
c
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Economics is the study of the ________ people make to attain their goals, given their ________ resources
A) decisions; household B) choices; scarce C) purchases; unlimited D) income; available
Refer to above Table 2-1. What is the level of Corporate Profits?
A) 260 B) 180 C) 270 D) 170
In a monopolistically competitive market, if price is greater than average cost:
A. firms will enter. B. firms will exit. C. there will be no change in the number of firms. D. the market is in long-run equilibrium.
Which is the best example of public property in a mixed-market economy?
Mixed-market economies have more private property, while command economies have more public property. a. Cars b. Homes c. streets and roads d. restaurants and shops